In addition to the legal victory in Europe, Apple received more good news on Tuesday. The Cupertino, California, computer maker briefly surpassed Exxon Mobil in market capitalization to become the most valuable public company in the world. This is the first time in the history of markets for a technology company to be highest valued firm in the world. It is just a matter of time before Apple does this for a full day trade.
The lead changed hands several times Tuesday as Exxon Mobil recovered from early losses and Apple’s gains leveled off. By 3:00 p.m, Apple’s market capitalization was more than $5 billion larger than Exxon’s, according to Google Finance. As the closing bell approached, however, Exxon surged faster than Apple and retook the lead.
Apple became the world’s most valuable technology company when it passed Microsoft in April 2010. On Tuesday it became, at least for a few hours, the world’s most valuable public company in any field of business.