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Expand chart
Data: FactSet; Chart: Axios Visuals

NextEra Energy, the world’s largest solar and wind power generator, has surpassed ExxonMobil in market value, jumping from a $32 billion valuation in October 2010 to more than $145 billion on Wednesday.

Why it matters: The crash in Exxon shares reflects a similar crash in oil — in price and standing — over the past decade and investors' increasing bets on renewable energy.

  • Once the world's most valuable company, ExxonMobil has lost more than half its value since the start of the year.
  • Its market cap has dwindled from a peak of more than $500 billion in 2007.

But, but, but: NextEra isn't all wind, solar, sunshine and lollipops. The Florida-based utility and power producer relies on coal, oil and nuclear energy and describes itself as "one of the largest generators from natural gas in the U.S."

Of note: Exxon also was passed in market value by Chevron for the first time in the history of the companies. However, at $142 billion, Chevron is still worth less than NextEra.

Go deeper

Felix Salmon, author of Capital
Jan 7, 2021 - Economy & Business

Bitcoin vs. Tesla: Battle of the bubbles

Expand chart
Data: YCharts; Chart: Axios Visuals

The value of Tesla overtook the value of all the bitcoins in the world in early June, and has stayed ahead ever since.

The bull case for Tesla is fundamentally optimistic. It involves a real company coming to dominate the global mobility industry.

Trump can't quit mainstream media

Bob Woodward and Robert Costa are interviewed by Chuck Todd on "Meet the Press" in September. Photo: William B. Plowman/NBC via Getty Images

Bob Woodward and Robert Costa issued a rebuttal on Friday to a statement by former President Donald Trump that misrepresented their reporting — and once again showed the 45th president's thin skin about mainstream media.

Driving the news: "Former President Trump said ... our book, 'Peril,' implied that he was planning to go to war with China," the statement begins. "[W]e report that Chairman of Joint Chiefs Mark Milley 'believed that Trump did not want a war' before or after the 2020 election."

NY declares state of emergency amid concerns over Omicron COVID variant

Governor Kathy Hochul makes an announcement about a new plan transforming Penn Station on Nov. 3, 2021. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York Gov. Kathy Hochul on Friday declared a state of emergency amid rising COVID-19 cases and the newly-identified Omicron variant of the virus.

Driving the news: The declaration enables the state to acquire supplies to fight a potential surge in cases, increase hospital capacity and combat potential staff shortages, NBC's local affiliate reports.