By Modupe Gbadeyanka
Names of the five most valuable companies in 2016 have been released and from the list, the oil and gas industry is losing its relevance to the technology sector.
From smartphones and social media, to virtual reality and artificial intelligence, the tech-oriented world we live in today looks very different to how things were just 10 years ago.
In 2006, oil giant Exxon Mobil headed the list of the world’s most valuable companies and Microsoft was the only tech firm near the top.
Fast forward to August 2016, and Apple, Google’s Alphabet, Amazon and Facebook dominate the list, while ExxonMobil is the only oil company left in the top five.
For a brief moment on 1 August, after ExxonMobil’s profits tumbled, the oil giant found itself in sixth place behind Amazon and Facebook, before climbing back up.
This is thought to be the first time the five most valuable companies in the world have all been tech firms, according to Slate.
The age of technology has arrived, and investors know it.
Courtesy World Economic Forum
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