Apple overtakes the Saudi Aramco

Apple Inc shares surged to a record high of 7.1% on Friday after reporting a bumper quarterly results, helping the iPhone maker overtake the

Saudi Aramco to become the world’s largest public company. Shares of the company rose to a record high of $412 in early trading.

Closing at that level will give it a market capitalization of $1.786 trillion. Saudi Aramco, which has been the largest public company since going public last year, had a market capitalization of $1.76 trillion as of last close.