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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.

Bryan Walsh, author of Future
32 mins ago - Technology

Doomsday Clock stays at 100 seconds to midnight

Robert Rosner, left, and Suzet McKinney reveal the 2021 setting of the Doomsday Clock. Photo: Bulletin of the Atomic Scientists/Thomas Gaulkin

In its annual update on Wednesday morning, scientists announced the Doomsday Clock would be kept at 100 seconds to midnight.

Why it matters: The decision to keep the clock hands steady — tied for the closest it has ever been to midnight in the clock's 74-year history — reflects a picture of progress on climate change and politics undercut by growing threats from infectious disease and disruptive technologies.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — elevating the issue to a national security priority and kicking off an intense battle with the oil industry.

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.