Steve Jobs's Apple has become world's most expensive corporation. Apple's stocks went 3.2% up on New York Stock Exchange, which increased the capitalization of the company up to $338 billion.
Thus, Apple is now ahead of oil giant Exxon Mobil, the leader of the recent five years. Exxon Mobil's stocks lost 1.4% of their value during the tender. Exxon's capitalization slipped to $337.7 billion because of reducing oil prices, The Associated Press reports.
Exxon, set a record in 2008 for the highest quarterly earnings by any company. However, the company has limited growth prospects now, which are driven by oil prices and discovering new oil. Apple is growing faster than Exxon. The iPhone maker is charging ahead at the pace of a startup, even though the company is 35 years old, The AP said.
Market analysts said Apple's valuation has been fueled by the buoyancy that the upcoming iPhone 5, the new version of its best-selling phone, will lead to a monstrous increase of sales in the second half of 2011. The Cupertino-based tech giant has planned to sell as many as 25 million iPhones by the end of this year, according to International Business Times.
Apple now sells more in each quarter. The company's current return on equity is nearly double the size of what it was in 2006. That means that Apple has good pricing power.