Yesterday saw Apple, the Palo Alto-based technology giant surpass Exxon to be the world’s biggest company by market capitalization. Apple saw its value move to US$337.17 billion, ahead of Texas based Exxon’s US$330.77 billion. This financial year has no doubt been another pleasing result for Steve Jobs and Apple shareholders at large. With the release of the iPad 2 and the iPhone 4 this fiscal year, Apple has seen its shares rise from $235.56 to $425.60. In iPad demand alone, sales have sky-rocketed from just over 3 million in 2010 to 9.25 million this year.
Apple’s rise to the top of the financial markets has been phenomenal, although it must be said, it is likely to have been the overwhelming market turmoil and corresponding drop in oil prices that were most precipitous in Apple’s overtaking of Exxon. For Apple to maintain this status in the market, it must continue to deliver its market-defying growth quarter on quarter.
The last tech firm to attain the number one spot was of course Microsoft, which held the title for two years during the 90′s with a market capitalization of US$205 billion.