For the first time since 2005, ExxonMobil found itself only the second-most valuable company in world: Apple briefly took the No. 1 spot today before relinquishing it. Analysts think a more permanent changing of the guard will happen soon, however. At one point today, Apple’s market capitalization reached $347.3 billion, moving it ahead of Exxon, reports Bloomberg. By the end of trading, however, Exxon had $348.3 billion to Apple’s $346.7 billion.
Whereas Exxon’s growth depends on oil prices and new oil finds, the AP notes, Apple has no such limitations; if it can keep coming up with great-selling products, investors reason, it can keep expanding.