It’s official: Apple is now “The Man”Posted: August 9, 2011
As the stock market continues its plunge, Wall Street apparently values its iPhones more than oil production. That’s right, Apple is now the world’s most valuable company (by market cap) surpassing Exxon Mobil. Despite the instability of the current market, it’s increasing its lead, which has widened to over 5 billion (according to MG Seigler at TechCrunch).
I have profoundly mixed feelings about this. Long time Mac fans have always wanted their favorite company to succeed, but they were also proud of being the “underdog” in the computing world. This stunning turnaround has brought Apple more money and success than anyone could have predicted, but it also places them squarely at the top of the tech pyramid. Microsoft dominates desktop market share and Google holds most of the smartphone customers, but Apple has all the money. It’s now a fat target for the next big thing instead of the little upstart. Still, I wonder if Steve Jobs is thinking about Michael Dell’s famous advice right now. Shut down the company indeed.
Update: M.G. Seigler points out in his fifth update that Exxon surged at the end of trading and currently stands less than 2 billion above Apple. We’ll see where they go from here.
Update 2: Apple is ahead once again on this roller coaster.
– image from milanhelp.com