Apple Inc.(NASDAQ:AAPL) became the most valuable company in the United States this summer as its shares shot up in the run-up to the launch of its new iPhone 5 that is seeing record sales.
Google Inc(NASDAQ:GOOG) is rapidly playing catch-up and became the fifth most valuable company after its shares rose to close at $749.16 on Tuesday.
It is still far behind Apple in the sweepstakes but the company is fast closing the gap between it and software giant Microsoft, which once occupied the slot of most valuable company.
Google is now just behind Wal-Mart and Microsoft which is the third most valuable company in terms of market capitalisation.
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Shares in the Internet search giant have run up about a third since mid-July when it was still languishing in the 10th spot.
With a market cap of $249 billion, it is within kissing distance of Wal-Mart's $251 billion and Microsoft's $257.4 billion.
Apple's market cap is way ahead at $644.59 billion while the other non-tech company in the top five, Exxon Mobile, occupies the No. 2 slot at $424.25
Google meteoric rise stems from a number of factors. The company has been busy with its Android operating software and upgrades made to it as more handset makers are using it for their phones.
While Google Plus is still not a big threat to Facebook, the No.1 social network's woes with marketers and revenue generation makes it appear more vulnerable compared to Google's social media platform.
Further all the negative attention on Apple's maps have firmly fixed the spotlight on Google Maps and the fact that at the present moment it is one of the best navigational aids on offer in the market.