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Apple Tops Saudi Aramco as World’s Most Valuable Company

  • IPhone maker soars to record after earnings beat estimates
  • Technology valuations have risen while oil demand has slumped

Photographer: Michael Nagle/Bloomberg

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Apple Inc. became the world’s most valuable company with its market value overtaking Saudi Aramco in the wake of better-than-expected earnings.

Apple jumped 10% on Friday, ending the day with a record market capitalization of $1.817 trillion. It’s the first time the company’s valuation has surpassed that of Saudi Arabia’s national oil company, which made its market debut in Riyadh in December, and is valued at $1.76 trillion. Before that, Apple had vied with Microsoft Corp. for the title of the U.S.’s largest public company.