Apple became the most valuable public company to date yesterday when the combined value of its shares exceeded a previous record set by Microsoft.
Apple traded at $664.74 to give it a market value of $623.14 billion, above the record set by Microsoft of $620.58 billion reached in 1999 at the height of the tech bubble, according to data provided by SP Dow Jones Indices.
Apple has been the biggest public company in the world since overtaking Exxon Mobil to reach the number one spot last year, but yesterday’s move means it has entered the record books as the biggest company yet.
At close of trade last night, Apple shares needed to settle at $657.50 for the record to be set on a closing basis as well, according to SP Dow Jones indices. The shares were trading 2 per cent higher to $661.15 at about 1.19pm New York time.
Apple shares have rallied as investors anticipate the release of the iPhone 5 and possibly an iPad Mini in September, as well as more details about the company’s plans for an Apple TV, according to analysts at Bernstein Research.
