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 (AAPL) gained as much as 4.2% on Monday for a market capitalization above $1.70 trillion, trailing Saudi Aramco at about $1.78 trillion based on current exchange rates. In March, the gap between the two market values was more than $500 billion. Apple has rallied 32% this year on broad optimism about its businesses.

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