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Apple market cap tops Google

Mac maker, whose stock price has been steadily increasing for the past few years, has surpassed the search mogul in market valuation.

Apple's stock price, which has been on a steady upward tear for the last few years, closed at $179.30 on Wednesday, sending its market capitalization to $158.84 billion.

That figure, Apple fans were quick to note, is higher than that of search engine giant Google, which closed at $500.03 on Wednesday, with a market cap of $157.23 billion. (Market cap is simply the value of shares times the numbers of shares outstanding. While Google has a higher share value, it has far fewer outstanding shares than Apple, 314.45 million vs. 885.88 million.)

Both companies are still behind tech stalwarts like Microsoft and IBM, which closed with a market caps of $254.83 billion and $170.44 billion, respectively.

Exxon Mobile, which topped the Financial Times 500 list of largest companies by market value as of June, closed Wednesday with a market cap of $406.02 billion.