4:02 p.m. | Updated At the end of regular trading Tuesday, Exxon was again the most valuable company. Apple’s market cap was $346.74 billion vs. Exxon’s $348.32 billion.
In 1996, Apple Computer, the venerable founder of the personal computer, was struggling to stay afloat.
Now, 15 years later, Apple is the most valuable company in the world in terms of market capitalization.
On Tuesday, the maker of iPhones, iPads and Macs, passed Exxon Mobil, the energy company, to take the title as the stock market’s most valued company. At 2:30 p.m., Apple’s stock was $366.62, up $10.66, or 3.02 percent, giving it a market valuation of $337.11 billion. Exxon Mobil was $68.90, down $1.45, or 2.07 percent, with a market valuation of $333.54 billion, nearly $4 billion less than Apple.
JustÂ three weeks ago Apple was $50 billion shy ofÂ being crowned with the title of the worldâ€™s most valuable company. But that was before oil prices started falling and a broad stock market sell-off that drove Exxon’s stock price down faster than Apple’s fell.
“This all goes back to Apple’s distillationÂ when it changed its name from Apple Computer, to Apple, and their role as a technology influencer in everything we touch,”Â said Charles Golvin, an analyst specializing in mobile technology for Forrester Research. “Over the years Apple has become a massive force on our digital lifestyles, and they way that we connect with each other.”
Much of Apple’s revival can be credited to Steven P. Jobs, the company’s co-founder and chiefÂ executive. Mr. Jobs, who left Apple in 1985 to start NeXT Computers, rejoined Apple in 1997, reorganizing the company’s focus, product line andÂ managementÂ team.