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It's become a big event each time Apple unveils new products. And those products have now catapulted Apple to the ranks of most valuable company, even surpassing Exxon Mobile Wednesday as the two jockey for the number one slot. The ranking is based on market value which doesn't count the company's cash or debt. Still, some who covered the tech industry see Apple's overshadowing Exxon as significant.
I think the fact that Apple was 14 years ago practically bankrupt. Indeed, Michael Dell of Dell computer basically / was asked what he thought Apple should do. He said, “I think it should shut its doors”. Well, it didn't. And look where it is today. That's a phenomenal achievement.
One thing seen as hurting Exxon Mobile right now are lower oil prices. And for Apple, unlike other tech giants, IBM and Microsoft, which rely on corporate customers, Apple built its fortune on consumers. Compare that, says one oil industry analyst, to consumers for oil and gas.
They need the product, but they want to pay as little as they can because they want to have more the budget that they can spend on things that they want.
And the things they want and are shelling out money for are things like iPads. So what can other companies learn? Michael Gartenberg is an analyst of consumer technology.
Well, I think they can learn a number of things. One is that you have to be bold. Fortune does favor the bold.
But there's always the chance that what's bold today will be old tomorrow.
It's not the only company out there that's doing this. It faces stiff competition. There is no guarantee that in, you know, the next 14 years Apple remain top of the pile.
Mary Snow, cnn, New York.
