Apple Is Now No. 1 Tech Company

It finally overtakes Bill Gates' baby
By John Johnson,  Newser Staff
Posted May 26, 2010 4:36 PM CDT
Apple's Steve Jobs gestures on stage during an event at Apple Inc. in Cupertino, Calif., Thursday, April 8, 2010.   (AP Photo/Eric Risberg)

(Newser) – A business and tech milestone today: A little after 2:30pm, Apple overtook Microsoft to become the most valued technology company in the world, reports the New York Times. Apple ended the day with a market capitalization worth $222.1 billion, vs. Microsoft's $219.2 billion. Among US companies, Apple now trails only Exxon at $282 billion.

"This changing of the guard caps one of the most stunning turnarounds in business history, as Apple had been given up for dead only a decade earlier," write Miguel Helft and Ashlee Vance. "But the rapidly rising value attached to Apple by investors also heralds a cultural shift: Consumer tastes have overtaken the needs of business as the leading force shaping technology."

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