This $1.9 trillion firm just kicked Apple from the world's largest company perch

This $1.9 trillion firm just kicked Apple from the world's largest company perch
With a $1.2 trillion valuation after yesterday's market close, Apple ended the day as the world's largest publicly traded company in terms of market value for the umpteenth time this decade. 

Fast forward to today, and the gang from Cupertino will wake up presiding over a lowly second-largest public firm. What happened while they were sleeping? Saudi's Aramco initial public offering, that's what. 

The Kingdom is listing part of its crown jewel on the market for the first time, and it immediately shot up ten percent, surpassing Apple in value. 

Of course, Apple makes successful products in the fickle consumer electronics business, while Aramco just sells what the sands of Arabia gave it, but humongous valuation is humongous no matter how you slice it.

The other big companies, however, comprising the top, are Silicon Valley juggernaits like Apple - Microsoft and Google's parent Alphabet - but still, Aramco's public offering marks a return of the extraction industries to the top of the publicly traded pile. That's a place they occupied just a decade or two ago, before the relentless surge of the information economy.





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8 Comments

2. Whitedot

Posts: 894; Member since: Sep 26, 2017

Tim woke up sweating again.

3. lyndon420

Posts: 6918; Member since: Jul 11, 2012

Why does a Saudi based oil company get an article here on PA? Oh right... because we need oil to make phones, and practically everything else...I almost forgot lol.

4. Abdbaas

Posts: 164; Member since: Apr 05, 2016

No, it's because Aramco is bigger than Apple and it hurts PA to know that

6. MsPooks

Posts: 311; Member since: Jul 08, 2019

How will Tim Apple counter?

8. Kloak

Posts: 83; Member since: May 27, 2018

They launched a 50k USD Mac.

9. drunkenjay

Posts: 1704; Member since: Feb 11, 2013

increase the price of iphones by another 300 and blame it on trump

10. TS020

Posts: 73; Member since: Feb 16, 2019

If Dutch East India company was around and stayed at its same market value it would be worth $7.9T today. Saudi Armaco hit $4.1T back in 2010 as well.

* Some comments have been hidden, because they don't meet the discussions rules.

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