Apple Still The Most Valuable Company In The World?

Yes, the stock market is currently tanking thanks to political problems; yes, people are worried about a double-dip recession; yes, rioting in London is making people think the end times are upon us. But Apple is still the most valuable company in the world.

Not that it was unaffected: its stock price was dinged 1.46% amid the trading chaos. But everybody else, in every sector, got dinged worse, sometimes much worse.

This is pretty much contrary to what everyone insisted would happen. Apple was a luxury supplier. Apple didn’t provide necessities. Apple was going to fall and fall hard if the economy ever took a turn for the worse, and all the Chicken Littles (and PC fans) would be justified in insisting it was overvalued. Instead it’s stayed fairly consistent while everything else burns.

Consider what this means. Apple is bigger than food suppliers, bigger than oil suppliers, bigger than companies that turn out guns by the bushel. And they got that way not by selling what people need, but selling people what they want.

There isn’t a better, if perhaps a little disturbing, argument for Apple being the most important company of our time. Because, let’s face it, if this won’t ding their stock seriously, nothing will.