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Technology giant Apple on Tuesday briefly displaced energy major Exxon Mobil to become the world's most valuable company.

For several trading hours, the Steve Jobs-led maker of iPhones and iPads was on top of the stock market charts, surpassing Exxon.

PTI & Agencies

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However, by the close of trade, Exxon was back to its numero uno position. Apple's market valuation was trailing Exxon by only about $2 billion.

At the end of regular trading, Apple shares closed at $374.01, up 5.89 per cent, to take its market valuation to $346.74 billion.

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Exxon Mobil closed at $71.64, up 2.07%, with a market capitalisation of only $1.58 billion dollars more at $348.32 billion, the New York Times reported.

During the day's seesaw trading, Apple's market cap surpassed Exxon Mobil by as much as $7 billion.

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The report said analysts expect Apple and Exxon Mobil to "continue jockeying for the top slot while the markets remain volatile."

Apple had peaked at $403.41 a share on July 26. Exxon had hit a 52-week high of $87.98 on April 29.

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The change in market valuation has more to do with the falling price of oil than with the popularity of Apple's electronics, the report added.

"Clearly, the oil market has declined substantially over the past 10 days due to the debt crisis and the cost of oil," the report quoted Andrew Lipow, the head of a consulting firm, as saying.

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"However, we are sure to see Exxon bounce back and forth," Lipow said, adding that if the price of oil bounced back, Exxon's stock would firmly reclaim the top spot.

The report said, "For Apple to continue its success, they will need to leap ahead of their own innovation and design approach before their competitors, including Google and Amazon, close the gap on smartphones and tablets."

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The difference in the market capitalisation has narrowed to $500 million from $60 billion three weeks ago when Exxon's market cap was $410 billion.

Apple's market capitalisation is expected to zoom to a record high of $480 billion in the next six months.

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Apple will become the most valuable US company when the stock hits $444.

Apple quarterly profit has zoomed by more than 125 per cent to $7.31 billion, backed by a huge demand for iPhones and iPads.

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The company's profits also are expected to rise more than 82 per cent.

Earlier, Apple beat Microsoft, to become the world's most valued technology company.

Interestingly, the world's largest tech company has more cash than the debt-ridden US government.

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Apple's last earnings showed that the company had $76.2 billion in cash and marketable securities at the end of June. The United states has $73.76 billion in its reserves.

Established on April 1, 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple has become a global leader in the consumer electronics industry.