End of an Era
10:15 AM --
Apple Inc. (Nasdaq: AAPL) has become the world's most valuable technology company, overthrowing long-reigning Microsoft Corp. (Nasdaq: MSFT), The New York Times reported yesterday.
Apple boasted a market capitalization of $222.12 billion as of closing time yesterday, compared to Microsoft's $219.18 billion. As NYT pointed out, the only American company with a market cap higher than Apple is Exxon Mobil, at $278.64 billion.
Venture capitalist Jim Breyer told NYT, "It is the single most important turnaround that I have seen in Silicon Valley."
Many are attributing Apple's triumph over Microsoft to its strength in the mobile market with the iPhone and the iPad.
Naturally, Microsoft CEO Steve Ballmer is unconcerned. Today in New Delhi, he told reporters:
It is a long game. We have good competitors, but we too are very good competitors. I will make more profit and certainly there is no technology company on the planet that is as profitable as we are. Let's see what happens as I am still pleased that 94 times out of a 100 somebody picks a Windows PC.
Of course, Ballmer is right -- Microsoft is still beating Apple in terms of revenue, with $58.4 billion compared to Apple's $42.9 billion.
— Erin Barker, Digital Content Reporter, Light Reading Cable