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.
Create a free account and join our vibrant community
Register to enjoy the full PhoneArena experience. Here’s what you get with your PhoneArena account:
Daniel, a devoted tech writer at PhoneArena since 2010, has been engrossed in mobile technology since the Windows Mobile era. His expertise spans mobile hardware, software, and carrier networks, and he's keenly interested in the future of digital health, car connectivity, and 5G. Beyond his professional pursuits, Daniel finds balance in travel, reading, and exploring new tech innovations, while contemplating the ethical and privacy implications of our digital future.
Recommended Stories
Loading Comments...
COMMENT
All comments need to comply with our
Community Guidelines
Phonearena comments rules
A discussion is a place, where people can voice their opinion, no matter if it
is positive, neutral or negative. However, when posting, one must stay true to the topic, and not just share some
random thoughts, which are not directly related to the matter.
Things that are NOT allowed:
Off-topic talk - you must stick to the subject of discussion
Offensive, hate speech - if you want to say something, say it politely
Spam/Advertisements - these posts are deleted
Multiple accounts - one person can have only one account
Impersonations and offensive nicknames - these accounts get banned
Moderation is done by humans. We try to be as objective as possible and moderate with zero bias. If you think a
post should be moderated - please, report it.
Have a question about the rules or why you have been moderated/limited/banned? Please,
contact us.
FCC OKs Cingular\'s purchase of AT&T Wireless
Things that are NOT allowed: