Slashdot Mirror

← Back to Stories (view on slashdot.org)

Wall Street: Software More Valuable Than Oil

Posted by samzenpus on from the rich-in-ideas dept.

CWmike writes "The tech industry's answer to this week's stock market roller coaster was delivered on Tuesday by the mighty Apple Inc. Apple saw its stock price rise enough — gaining more than 5% — to briefly surpass Exxon Mobil as the most valuable company in the U.S., according to an AP analysis of its market cap. (Exxon Mobile wound up the day slightly ahead of Apple.) Most of the other major tech companies — including Intel, IBM, Dell, Microsoft and Hewlett-Packard — all finished in positive territory yesterday, as markets made up ground lost in the big sell-off on Monday that also hit oil prices and other commodities.Tuesday's rally may be all that's needed to shake away, at least temporarily, some of the economic concerns the IT industry still faces. By closing in on Exxon, Apple effectively affirmed that there are few limits to tech growth. CW blogger Jonny Evans posits that ideas are why Apple beats Exxon on market cap, noting, 'While Exxon drills, hammers and crushes its way to find its billions, Apple's mind-miners explore myriad complexities to develop and understand new technologies.'"

2 of 223 comments (clear)

  1. The hyperbole is ridiculous by Anonymous Coward · · Score: 5, Insightful

    "Apple's mind-miners explore myriad complexities to develop and understand new technologies."

    Apple isn't NASA in the 60's, it's a manufacturer of shiny gadgets. They don't even have a research division.

    Apple profits because people are vain, and are willing to accrue massive amounts of debt to buy pretty things.

  2. This is bad news by makubesu · · Score: 5, Funny

    what countries are we going to invade for software now?