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

By comparison, Saudi Aramco’s market value has fallen 5.5 per cent this year as the pandemic sapped global oil demand, prompting many producers to cut output.