years ago, Apple Computer was struggling to stay out of the red. But since the
return of Steve Jobs in 1997, Apple has become a tech superpower that
continuously provides new and innovative products like the iPod, iPhone and iPad.
Its gadgets and software are a hit with many consumers, and it shows as Apple
reports successful figures quarter after fiscal quarter. Now, Apple's
success went a step further as it jumped ahead of ExxonMobil as the most
valuable company in the United States today.
According to Barron's, Apple's
stock reached $369.89 with a market cap of $342.8 billion, which is based on
927 million shares. Exxon, on the other hand, fell to $68.78 with a market cap
of $334.41 billion. This occurred just this afternoon around 1 p.m., making
Apple the richest stock in the world for a moment in time.
More recent reports say Exxon is back at $341.82 billion in market cap while
Apple is at $338.59 billion. But with Apple down 10 percent after a 52-week
high of $404.50, its possible that it may beat the world's biggest oil company
A benefit that Apple has over Exxon is its ability to continue releasing
products that consumers love, where the oil company has very limited
growth prospects that are driven by the discovery of new oil and fluctuating
"This all goes back to Apple's distillation when it changed its name from
Apple Computer, to Apple, and their role as a technology influencer in
everything we touch," said Charles Golvin, an analyst specializing in
mobile technology for Forrester Research. "Over the years, Apple has
become a massive force on our digital lifestyles, and the way that we connect
with each other."
quote: Don't think Apple has ever actually invented anything.