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Apple overtakes Exxon Mobil to become the largest company in the world

Updated August 11,2011

In an admittedly volatile stock market today, Apple Inc. today became the world's largest public company of any sort, with its market capitalization overtaking that of oil giant Exxon Mobil by the close of trading in New York today reported in latest news & headlines. Though yesterday Apple had temporarily been the largest company in Wall Street before an Exxon surge, this marks the first time that a Technology company has managed to stay in top spot by the close of trading.

While this has happened in part due to a significant fall in Exxon Mobil's share price over the past 3 weeks (down from 85$ to 70$), it is indicative of a general trend, with Apple long expected to be the world's largest company by the fall. While Exxon has limited growth prospects due to its reliance on finite resources and fluctuating oil prices, Apple can continue to release new and updated versions of products.Apple has been in second place since overtaking Microsoft in May last year.

This shows that, even in these times of economic slowdown across the globe and with a great deal of uncertainty regarding economic forecasts, technology industries are ready, willing and able to create and innovate their way to success. Having the world's largest company is certainly a feather in the cap of the Technology sector. Indeed, it should not come as a great surprise to learn that a company with as many successful products as Apple should be able to overcome its consumer status and compete at the top of the stock exchange with the big multinational natural resource companies.

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By Joe Sheldon

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