Tech sector blue chip valuations continue to increase. According to FactSet, Google Inc (NASDAQ:GOOG) supassed Exxon Mobil Corporation (NYSE:XOM) to become the second most valuable U.S.-based company in terms of market cap. Google assumed second place at the end of last week, with a total market cap of $395.42 billion compared to Exxon Mobil’s market cap of $392.66 billion.

Google Inc GOOG

Google Inc (NASDAQ:GOOG)’s share price has moved up steadily for over a year now, gaining more than 65% to trade above $1150. Exxon Mobil Corporation (NYSE:XOM) shares, on the other hand, are only up about 5% in the last 12 months as oil prices have stabilized. In fact, Exxon shares were down almost 10% in the first six weeks of 2014.

Apple remains No. 1

Despite the ongoing tussle for second place on the market cap list, there is little question about the tech titan holding down first place on the list. Apple Inc. (NASDAQ:AAPL)’s total market cap stood at an impressive $463.55 billion as of Friday. Not that it’s inconceivable that Google Inc (NASDAQ:GOOG) could catch Apple over the next couple of years, but it would probably require both increased share price appreciation from Google and a significant price slump by Apple to happen in the next 12 months.

Google’s growing revenues

The consensus view is that Google is looking at solid growth over the next few quarters. Raymond James analysts Heather Bellini et al. recently projected that Google Inc (NASDAQ:GOOG)’s $33.2 billion in desktop search revenues will remain flat this year ad next, but that mobile search revenues will grow from $9.5 billion in 2014 to $16.7 billion in 2015.

According to Bellini, YouTube is expected to contribute $6.6 billion in revenues to Google in 2014, and that those revenues will grow by further 30% to about $8.6 billion in 2015.

The Raymond James report anticipates revenues from the Google Display Network and other display ads will grow by 50% in 2014 to around $1.3 billion and then another 40% in 2015 to $1.7 billion.