Apple has officially beat out Microsoft to become the most valuable public company of all time.
The iPhone maker reached a record market capitalisation of $US623 billion Monday afternoon, the highest of any publicly traded company in history. Apple stole the crown from fellow tech giant Microsoft, which had held the record for 12 years after reaching $US621 billion in December 1999.
The record was set after Apple stock surged to a record US$663, before dropping slightly to $US662 Monday afternoon.
Anticipation of the upcoming iPhone 5, which Apple is reportedly unveiling September 12, is likely the driving force behind the spike in its stock. The new phone is expected to be thinner and faster compared to the four prior-generation iPhones, and also run iOS 6, Apple's next-generation mobile operating system. Support for 4G LTE networks and near-field communications technology are also widely expected.
Reports have also surfaced suggesting Apple is prepping a lower-cost, 7-inch iPad for the end of the year, another factor fueling its rising stock.
Apple's market cap surpasses the $US405 billion held by Exxon Mobile, the world's second most valuable company, by more than $US200 billion or nearly 53 percent.
Analysts have predicted Apple’s share price could rise to over $US1000 ($A962) per share in just two years, making it on track to become the world's first trillion-dollar company.
This article originally appeared at crn.com
Issue: 334 | December 2014
Access CRN's extensive online resources including; email bulletins, community discussions and unique online news.
Processing registration... Please wait.
This process can take up to a minute to complete.
A confirmation email has been sent to your email address - SUPPLIED GOES EMAIL HERE. Please click on the link in the email to verify your email address. You need to verify your email before you can log on to the CRN website or start posting comments on articles.
If you do not receive your confirmation email within the next few minutes, it may be because the email has been captured by a junk mail filter. Please ensure you add the domain '@crn.com.au' to your white-listed senders.