Where Data Tells the Story
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At the time of Aramco’s IPO in December 2019, the Saudi oil giant was valued at $1.88 trillion, about 6.6 times larger than Taiwan’s semiconductor leader TSMC, worth $0.29 trillion. By October 10, 2025, their fortunes had shifted: Aramco’s market capitalization fell 15% to $1.60 trillion, while TSMC’s soared 440% to $1.56 trillion, bringing the two Asian powerhouses—oil and chips—nearly to parity.