By Philip Elmer-DeWitt
August 2, 2013

FORTUNE — Two years after it first took the crown from Exxon Mobil (XOM), Apple (AAPL) on Thursday reclaimed its title.

It is once again the world’s most valuable company by market capitalization (share price times number of shares outstanding).

Apple’s market cap was boosted by a $56 (14%) surge in July, a gain that was softened by a stock repurchase plan that reduced its number of outstanding shares in fiscal Q3 by 23.5 million.

Exxon was hurt by falling oil prices and a disappointing earnings report.

The two companies have changed leads many times before. See here, here, here, here, and here,

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