Apple, not Microsoft, is the world’s most valuable technology company, AllThingsDigital reported.
Apple shares closed at $244.05 giving it a market capitalization of $222.1 billion. Meanwhile, shares of Microsoft closed at $25.03 and the company’s market cap sat at $219.18 billion.
The only American company with a market cap greater than Apple’s is Exxon Mobil, which sat at $278.64 billion after trading Wednesday.
The movement of Apple to the top position in market capitalization among technology companies may not be important for the companies’ businesses, but it is significant symbolically, The Wall Street Journal reported.
Microsoft and Apple have had a heated rivalry for many years with Microsoft as the stronger of the two while it dominated the market for operating systems and other software. Apple has transformed itself into a consumer electronics giant via products such as the iPod and iPhone and has cultivated a core group of devoted users with its sleek hardware design.