Apple market cap closes in on Saudi Aramco’s as No. 1 in world

Apple Inc. is getting close to overtaking Saudi Arabia’s state-owned oil company in market valuation, a milestone that would make the technology giant the world’s largest company by that measure.

Apple gained as much as 4.2 per cent on Monday for a market capitalization above $1.70 trillion, trailing Saudi Aramco at about $1.78 trillion based on current exchange rates. In March, the gap between the two market values was more than $500 billion. Apple has rallied 32 per cent this year on broad optimism about its businesses.