The company had its largest one-day percentage gain since March 13, which added $172 billion in its market capitalization during the session that ended at $425.04. The impact was greater than the total stock market value of Oracle Corp.
Saudi Aramco, on the other hand, had been publicly listed as the most valuable company and had a market capitalization of $1.760 trillion as of its last session.
As of July 17, Apple had an outstanding 4,275,634,000 shares after it bought back shares worth $16 billion in the June quarter. Investors are betting that Apple and other big U.S. tech companies will rise from the COVID pandemic stronger than their smaller rivals.
Furthermore, Apple announced in its quarterly report about a four-for-one stock split, with trading on a split-adjusted basis starting on August 31. This will be the company's first share split since 2014.
Ever since Apple has published its report, over 20 analysts have raised their price targets for Apple's stock.