"When it comes, the landscape listens,
Shadows hold their breath;
When it goes, ’t is like the distance
On the look of death."
-- From "There's A Certain Slant of Light," by Emily Dickinson, circa 1861
I'm talking about Apple
- Counting by the total value of all available shares, Microsoft is still bigger. Do the math using each company's full share count multiplied by today's prices and Microsoft adds up to a value of $271.4 billion, comfortably ahead of Apple's $245.4 billion.
- But the S&P 500 index by Standard & Poor's reports things differently. By the S&P's measure, insider holdings and such don't count toward the reported market cap. In that light, Apple stays close to the fully diluted cap at $243.6 billion while Microsoft shrinks to $238 billion. Sayonara, bragging rights.
Whatever measure you use, Apple's rise to prominence is astounding. Four years ago, Apple was worth a piddly $72 billion and on par with Dell's market cap instead of Microsoft's. That was before the iPad, before the iPhone, and right at the start of the Intel era for Macintosh computers. A lot of water has run under the bridges since. Dell is now worth a fraction of Apple's cap no matter how you slice it, and only ExxonMobil
Of all the companies near the top of the U.S. market cap list, Apple continues to hold the most upside, but also a fair bit of risk. In the near term, the company will go as far as the iPhone will take it, and that could be pretty far considering a potential tie-up with Verizon
In the long run, the company will need to find ways to keep the enormous, $600 iPhone selling price (the cost carriers pay) well above its cheaper rivals. Recent reports from Qualcomm
Still, I'd tip my turtleneck to Steve Jobs if I had one, and could figure out how to tip it. I've been critical of Apple before (and I still think the stock is getting ahead of itself), but in a certain slant of light even this skeptic has to bow to the master.