Apple Becomes Most Valuable Company in World, Briefly

It overtakes Exxon for No. 1 spot before falling back again
By Matt Cantor,  Newser User
Posted Aug 9, 2011 4:11 PM CDT
Apple CEO Steve Jobs waves as he delivers the keynote address at the 2011 Apple World Wide Developers Conference on June 6, 2011 in San Francisco, California.   (Getty Images)

(Newser) – For the first time since 2005, ExxonMobil found itself only the second-most valuable company in world: Apple briefly took the No. 1 spot today before relinquishing it. Analysts think a more permanent changing of the guard will happen soon, however. At one point today, Apple's market capitalization reached $347.3 billion, moving it ahead of Exxon, reports Bloomberg. By the end of trading, however, Exxon had $348.3 billion to Apple's $346.7 billion.

Whereas Exxon’s growth depends on oil prices and new oil finds, the AP notes, Apple has no such limitations; if it can keep coming up with great-selling products, investors reason, it can keep expanding.

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