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) -- Tech's most beloved stock,


(AAPL) - Get Apple Inc. Report

, surpassed energy giant

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation 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

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(MSFT) - Get Microsoft Corporation 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.

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