Friday, 28 May 2010
Apple, Inc. shot past Microsoft, the computer software giant, on Wednesday to become the world’s most valuable technology company. This changing of the guard caps one of the most stunning turnarounds in business history.
As of Wednesday, Wall Street valued Apple at $222.12 billion and Microsoft at $219.18 billion. The only American company valued higher is Exxon Mobil, with a market capitalization of $278.64 billion.
A little more than a decade ago, Apple was widely believed to be on the path to extinction.
Michael Dell, the founder and chief executive of Dell computer, went so far as to suggest that Apple should shut down and return any money to shareholders. (Dell is now worth about a tenth of Apple.) Around the same time, Microsoft’s chief technology officer called Apple “already dead.”
(READ the story at the New York Times)