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According to a study uncovered today by the Silicon Valley Business Journal, Apple is the most valuable brand in all of Silicon Valley. The study, which was conducted by a consulting agency called Brand Finance, compared the value of 500 different brands to determine which one was worth the most. Each brand’s value was determined by “estimating the royalty rate that would be charged for use of the brand and factoring in future revenue.”

Much to no one’s real surprise, Apple was ranked the most valuable brand on the list, followed by Google and Microsoft in the second and third spots. According to the results of the study, Apple’s brand is worth $104.7 billion, or about 23% of its market cap. Google, ranked second, has a brand valuation of only $68.6 billion.

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