Apple (NSDQ: AAPL) almost went out of business 14 years ago, and today, it became the largest tech company in the world by market capitalization.
The gains may only be brief, but for at least a portion of the day, Apple’s stock rose, increasing its market cap to above $227 billion. Meanwhile, Microsoft’s stock fell, dragging its market cap down to $225 billion. Reuters reports that Apple today became the second-largest company on the S&P 500 index after leap-frogging Microsoft (NSDQ: MSFT). The top spot is held by Exxon Mobil.
It’s definitely only coincidence, but with size comes scrutiny. Reports today also revealed that the Justice Department is examining whether Apple it is using its dominance in digital music to keep other Internet music companies from securing exclusive releases. In the U.S., Apple is by far the largest seller of online music, and was the third-largest smartphone maker in the first quarter, according to the NPD Group.