MVC = Most Valuable Company
Technology firm Apple has become the most valuable company in the US. Apple has now managed to stay in the top spot at the close of Wall Street for the first time. As the Dow continued to drop, Exxon's market cap slipped while Apple's rose just enough to finish above Exxon's. Apple's stock fell 2.8% to end at $363.69, giving a market cap of $337bn. Exxon is now worth $331bn after it stock fell 4.4%.
Apple's rise to the top happened rather suddenly. Just a year ago it passed Microsoft to become the biggest tech company.
Innovation has more value than oil. Exxon has limited growth opportunities because it relies on a limited resource. The price for oil is volatile whereas an Apple product would carry the same price until the end of its life cycle.
Apple tends to introduce a new product roughly every three years, which would mean a new gadget in 2013 after the launch of the iPad in 2010.
Whats next? iDontknow....
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