Apple tops all with $624B value
Apple stock has been rising, perhaps in anticipation of the release of the iPhone 5, but Monday it hit a $624 billion barrier surpassing Microsoft as the world's most valuable company. Above, an Apple store in San Francisco. (June 10, 2012) Credit: Getty Images
Apple Inc. Monday became Wall Street's all-time MVP -- that's Most Valuable Property.
That's when the computer company's surging stock propelled Apple's value to $624 billion, the highest value ever for a company. It beat the record for market capitalization set by Microsoft Corp. in the heady days of the Internet boom.
After a four-month dip, Apple's stock hit new highs recently because of optimism around what is believed to be the impending launch of the iPhone 5, and possibly a smaller, cheaper iPad.
Apple has been the world's most valuable company since the end of last year. It's now worth 54 percent more than No. 2 Exxon Mobil Corp.
Apple's stock closed at $665.15. That was an all-time high, up $17.04, or 2.6 percent, from Friday's close.
Microsoft's 1999 peak was $620.58 billion, according to Standard & Poor's. The comparison to Microsoft does not take inflation into account. In inflation-adjusted dollars, the software giant was worth about $850 billion on Dec. 30, 1999. Microsoft is now worth $257 billion.
By coincidence, the peak price for one Apple share is now less than $2 away from the retail price of the Apple I computer in 1976. It sold for $666.66.
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