At one point in yesterday’s trading Apple’s market capitalization reached $341.5 billion a tad higher than the oil giant’s $341.4 billion.
Apple Inc. could only enjoy wearing the Wall Street crown for a short period of time as Exxon shares had a late bounce about a half an hour before the close of trading.
Exxon shares closed up about 2 percent at $71.64. AAPL rose 5.9 percent to reach $374.01. A few weeks ago Apple traded at a record high of over $400 a share.
Even though Apple is still second only to Exxon the Cupertino California giant is still ahead of Microsoft in the technology sector.
In fact Apple has been the most valuable technology company for over a year now.And one may think there’s something incredibly complex behind getting to where Apple is right now.However it’s not. Aside from having a genius for a CEO Apple simply has appeal.
Kaufman Brothers analyst Shaw Wu said it best in a statement provided in April last year.
Commenting on Apple surpassing Microsoft as the world’s #1 tech company as well as their ability to profit greatly amid the worst recession in decades, Wu said: “The reason Apple has been able to do so well is that it produces products that consumers want. That's something that's very difficult and frankly something a lot of companies struggle with.”
At the time Apple had about $40 billion worth of cash and investments. Today Apple has over $76 billion more than the U.S. Treasury balance ($74 billion).