The change of the King banner: those who once the market value "King"

The sea surges, rise and fall replacement. Companies such as IBM, Microsoft, Cisco, GE, Exxon Mobil, PetroChina and Apple have been on the top of global market capitalisation. These companies undoubtedly represent the best operating level or innovation ability of the global company, and are the target of the most sought-after investors and the expectation of industry growth. The replacement of the world's top market capitalisation reflects profoundly the historical change of the global economy and is the most direct vane.

IBM: "Fickle" "Blue giant"

IBM, the most valuable company in history, has reached a peak of $192.3 billion trillion in 1967 (if the rate of inflation is equivalent to the current value of $1.3 trillion), while the U.S. national GDP was only 830 billion U.S. dollars. IBM has been founded in 1911 for more than a century, its early major production punch card tabulation machine. With founder Watson firmly predicting the advent of the global computing age, the company's main business began to shift to producing hardware and selling large mainframes. By 1974, IBM had produced 4 times times more computers than any other computer manufacturer in the world, and had become an absolute monopolist on the computer industry, at a time when IBM's first seat in global market capitalisation was almost as expected.

But over the next 1976 years, IBM's operating environment has changed dramatically, and Apple's PC computer has revolutionized the computer industry. IBM plunged into a huge loss in 1993, under the impact of a new generation of challenger Compaq and Dell. "Always be ready to change everything except faith." "IBM once again decided by hardware manufacturers to" service-oriented enterprises "transformation, decisively abandoned the loss of the computer hardware business, the company gradually recovered.

In its next 5-year plan, IBM's 4 major business layouts are "cloud computing, Intelligent earth, emerging markets, Business Analytics." The "fickle" blue giant is looking for another shift, focusing more on the new business growth that comes with big data analysis software.

Microsoft: Still in trouble reverse key window

In 1999, Microsoft set a record of 620.58 billion dollars in market value, but in the Web2.0 era and the mobile intelligence sector has suffered setbacks. Today, Microsoft's main revenue margins remain focused on business and consumer licensing, while Nokia's hardware business continues to lose money; Android and iOS account for 96.4% of the global market share of mobile operating systems, compared with 2.5% for WP systems. And in 2014, Microsoft launched the largest 18,000-person plan for the company's history, making investors more worried about the company's future.

The stubborn Microsoft has not been so crushed, benefiting from the success of Microsoft's cloud computing strategy and the double-digit growth in the High-margin core product line, Microsoft's 2014-year revenue amounted to $86.833 billion trillion, the first breakthrough in $80 billion trillion. Net profit of 22.074 billion dollars, the second highest profit in Microsoft's history.

"Move first, Cloud first" the new strategy caters to investor preferences, with Microsoft's company's market capitalisation growing more than 40% in the 2014 fiscal year, the biggest one in 2000, the dotcom bubble, which is now worth more than 370 billion dollars.

Cisco: "Father of the Internet" in the pan

The world's largest manufacturer of communications equipment has fluctuated dramatically. Cisco has ballooned in the dotcom bubble since its 1990 IPO, with annual earnings rising from a 69 million-dollar rocket to $22.29 billion trillion in fiscal 2000, Baiyuzh. The company's market value also exceeded 550 billion U.S. dollars in March 2000, ranking global company market capitalisation first. There were also very optimistic forecasts that Cisco would become the world's first company with a market capitalisation of more than 1 trillion dollars.

A trillion-dollar dream of market capitalisation has not come, in the second year Cisco fell heavily on its first throne: Demand for its flagship router was weak as the internet and telecoms industries plunged into recession, the dotcom bust and the big companies ' moratorium on investment, and Cisco's IPO in the 2001 financial year report was the first to lose in 11 years. Its market value fell below $100 billion for the first time since November 1998, plunging to $99.6 billion trillion and shrinking by more than 80%.

Today's Cisco, although benefiting from the development of internet companies, and gradually out of the 2001 trough, but still face to the Chinese Huawei as a representative of the rising market share of the encroachment, the future is still unclear.

General Electric: A decade of repositioning

Since 1981, Mr Welch, known as "the manager of the century," has been in charge of GE for 19 years, and GE's market value has increased 30 times times. By 1999, GE had achieved 111 billion dollars in sales (world fifth) and 10.7 billion dollar profit (first in the world), a 2001 market value breakthrough of 600 billion, the world's first, to become the second company in history after Microsoft to break through the market value of 600 billion dollars.

"The first curse of market capitalisation" was again staged. GE's share price continued to fall in the year following the summit, as profits weakened and investors questioned the company's financial clarity. After that, GE continued to acquire and enter the subprime and securities businesses, which accounted for as much as 60% per cent of GE revenues by 2008. The aggressive expansion of the financial business eventually became the trigger for the company's 2008 economic crisis, with investors worried about whether GE Capital, with its large exposures, had enough capital reserves as the financial crisis hit various banks, and that GE had a 10 low in market value in 2008. Incumbent CEO Immelt will lead GE back into the manufacturing base, gradually stripping out financial services, and trying to position GE as a pure manufacturing company.

Exxon Mobil: Energy is still gold

Exxon Mobil is one of the few companies to reach the top of market capitalisation, which still has a steady growth in market capitalisation, has not suffered a severe recession by big tech companies. Exxon Mobil, which has dominated since 2005, is the era when China's macro-economy is fully exposed to energy demand and is an era of energy-like gold. June 2005, the international crude oil price for the first time exceeded 60 U.S. dollars/barrels, and accelerated forward, and in July 2008 crude oil futures prices to create 147.27 U.S. dollars/barrel history highs.

At present, although oil and gas prices have fallen, but in the long run, with the rise of China and other emerging countries, the main oil and gas energy prices can still cross the economic cyclical ups and downs. But with the development of new energy technologies, such as energy-saving, biofuels, shale gas and other technologies, "crude" mania or difficult to reproduce.

PetroChina: The only Chinese company that ever reached the summit

November 5, 2007, PetroChina shares listed, the total market value reached 1.1081 trillion U.S. dollars, more than Exxon Mobil 487.682 billion U.S. dollar valuation, a leap into the world's largest market value of the company.

However, PetroChina's market capitalisation can only be attributed to the product of China's specific period, the hot pursuit of PetroChina has been out of the company's performance fundamentals, is the collective agitation of shareholders. In 2008, Exxon Mobil topped the Fortune 500 with a 45.22 billion dollar profit, while PetroChina's net profit was about $16.77 billion trillion, just one-third of Mobil's profits.

Apple: Exploding mobile internet age

Apple's peak was on August 11, 2011, when its market capitalisation reached $337.2 billion trillion, officially overtaking Exxon Mobil as the world's most valuable company. At present, Apple is 150 billion dollars higher than Exxon Mobil, the world's second-largest market capitalisation.

Apple's market capitalisation fell to a low in the late 90, with a market capitalisation of only $2.17 billion trillion in the second quarter of 1997, compared with Microsoft's $114.1 billion trillion. But with the return of Steve Jobs to Apple as CEO in 1997, the company has been revitalized by a truly revolutionary technological innovation. With the sale of ipods, ipads, iphones, Macs and laptops, Apple's shares began to rise. Financial data Innovation High, cash reserves of hundreds of billions of dollars above, giant Apple eco-chain molding, Apple became the 21st century first 20 years the greatest company is not too much. There are comments pitched praise, "Apple top global market capitalisation first, for the world economy has a great symbolic significance, declaring the oil-driven generation of industrial revolution, the new future will be led by the emerging technology companies!" The