Apple Inc has become the most valuable public company of all time on Monday, after its market value climbed beyond $620 billion to surpass a milestone set by Microsoft Corp more than a decade ago.
Its shares were up 2.3 per cent at $662.73 in afternoon trade, after having gained more than 8 per cent this month as Wall Street bets on the Sept. 12 rollout of the latest version of the iPhone, the device that revolutionized the mobile industry.
Apple shares reached a high of $664.74 in the morning, giving them a value of $623.14 billion. They edged past the record of $620.58 billion set by Microsoft in 1999 at the height of the tech bubble, according to data provided by S&P Dow Jones Indices. The data, however, did not take into account the impact of inflation.
Apple became the biggest public company in the world when it overtook Exxon Mobil to reach the No. 1 spot last year. Monday’s move means it has now entered the record books as the biggest company ever.