Apple’s market capitalisation touched a record-breaking $700bn yesterday, as strong iPhone sales and the anticipation of new products pushed its shares to more than double the level when Tim Cook took over as chief executive.
The momentum behind the iPhone 6 and its growing prospects in China have seen Apple’s stock set several successive all-time highs in recent weeks, after passing the $100 mark in August.
At an intraday peak share price of $119.75 in early trading yesterday, the market capitalisation of the world’s most valuable public company exceeded its nearest rival ExxonMobil by almost $300bn. Apple’s stock-market worth also stands far ahead of Microsoft and Google, both of which are currently worth under $400bn.
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