An abrupt rise in the price of Exxon Mobil's stocks squashed Apple's brief reign as the most valuable company in the world yesterday. Experts say they expect the battle to continue as the market remains unstable, the New York Times reports.
Apple was trading around $370 per share as of yesterday.
Despite their battle with the oil giant, claims that Apple is worth more than the United States government are still true. Statistics show the cash reserves of the U.S. (about $73.7 billion) are indeed less than those of Apple (about $76.4 billion).
The technology company also surpassed the combined wealth of Microsoft and Intel in June. Sales of the iPhone, iPod, and iPad are all key contributing factors to Apple's incredible growth. iPhone sales alone are expected to top 100 million this year.
Analysts are speculating on how Apple can gain the lead and maintain it. Some believe Apple should turn its attention to television, while others believe they will need to be on the cutting edge of smartphone and tablet devices. One thing they all agree on is the title of "Most Valuable" offers just as much chance for success as it does failure.