Apple became the world’s largest company by market capitalization in 2011 after overtaking ExxonMobil.
Apple’s rise was driven by the iPhone, the iPad, the Mac, and a rapidly expanding ecosystem of software and services. The company’s consumer products generated strong sales while its integrated hardware-and-software model supported high margins.
ExxonMobil had held the leading position during an earlier period when oil prices and energy-company profits were high. Apple’s ascent illustrated a major shift in global equity markets toward technology and consumer electronics.
Market-cap leadership can change without a company becoming larger in every operating measure. It depends on share price and shares outstanding, so changes in investor expectations can quickly alter the ranking. Apple’s later records should be kept separate from its 2011 rise to the top.