Aramco is now worth around $2.43 trillion, compared to Apple’s $2.37 trillion, according to Refinitiv data.
But the latest market movements show how much the outlook for energy and technology producers has changed in recent times.
This has supported players like Saudi Aramco, whose shares have risen 27% so far this year.
Meanwhile, Apple’s stock has fallen more than 17% since January.
Apple last month warned of huge losses from the current situation, saying production and logistics issues could hit its sales by $4 billion to $8 billion this quarter.
Apple’s constraints were “mostly centered around the Shanghai corridor,” CEO Tim Cook said on a conference call.
Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns “an albatross for the June quarter,” saying in a report that Apple’s supply chain issues in China would likely remain the “peak of concern” for investors in the near term.
But worries could “calm down” in the second half, when the company is expected to launch a new iPhone 14, he added.