NEW YORK (

TheStreet

) -- Tech's most beloved stock,

Apple

(AAPL) - Get Report

, surpassed energy giant

Exxon Mobil

(XOM) - Get Report

in market capitalization on Tuesday to become the most valuable company in the world.

Just past midday, as

Apple shares were continuing their upward trajectory

by 4%, the company's market cap -- or share price multiplied by its number of shares outstanding -- clocked in at about $341.5 billion, slightly above Exxon's $341.4 billion.

Exxon is still a significantly larger company than Apple in terms of revenue, with sales in 2010 of $383 billion compared with Apple's $65 billion.

Last year, Apple surpassed

Microsoft

(MSFT) - Get Report

to become the most valuable tech company by market cap

at a valuation of $222 billion.

The Cupertino, Calif., company's growth keeps flowing as it continues to release must-have consumer electronic devices like the iPhone and iPad.

The latest version of its iPhone

will likely be released this fall

.

--Written by Olivia Oran in New York.

>To follow the writer on Twitter, go to

http://twitter.com/Ozoran

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