Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv.
But the latest market moves point to how the outlook for energy and tech producers have shifted lately.
That has buoyed players like Saudi Aramco, whose shares are up 27% so far this year.
Meanwhile, Apple’s stock has fallen more than 17% since January.
Last month, Apple warned of huge losses related to the ongoing situation, saying that production and logistics issues could hit its sales by as much as $4 billion to $8 billion this quarter.
Apple’s constraints were “primarily centered around the Shanghai corridor,” CEO Tim Cook said in an earnings call.
Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns “the albatross for the June quarter,” saying in a report that Apple’s supply chain woes in China would likely remain the “peak worry” for investors in the short term.
But concerns may “subside” in the second half of the year, when the company is expected to launch a new iPhone 14, he added.