Apple dethrones oil giant Saudi Aramco as the world’s most valuable company

• Apple shares surged as much as 7% Friday following a blockbuster earnings report Thursday.
• The tech company’s market capitalization briefly overtook Saudi Aramco’s Friday, dethroning the oil giant as the most valuable company in the world.
• Watch Apple and Saudi Aramco trade live on Markets Insider.
• Read more on Business Insider.

Apple briefly overtook oil giant Saudi Aramco as the most valuable company in the world after posting blockbuster quarterly earnings that sent shares of the technology company up as much as 7% Friday.

Shares of Apple reached $412 at Friday’s intraday high, putting the company’s market value at $1.76 trillion. That was slightly more than Saudi Aramco’s market value, worth $1.759 trillion at Friday’s intraday high.

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Apple has been on a tear lately that’s sent shares up roughly 39% year-to-date. The company also announced a 4-1 stock split Thursday, which it said would help it appeal to a broader range of investors.

The split will happen on August 24, and means investors holding one $400 share will have four $100 shares, Apple said.