Apple hit a new all-time high this week as investors anticipate the upcoming iPhone 5, and the possible release of the iPad Mini and iTV.
The stock is also getting a boost from hedge-fund managers suffering from performance anxiety. According to a recent report from Goldman Sachs, 89% of hedge-funds are underperforming the S&P 500 and it appears that they're piling into Apple in an effort to boost returns into quarter and year-end.
Apple's market capitalization of $620 billion is the highest in financial history; the house that Steve Jobs built is now worth 172 Research In Motions, 21 Morgan Stanleys, 15 Facebooks, 11 Caterpillars or two-and-a-half Wal-Marts.
And with $117 billion in cash on its balance sheet, Apple could buy 14.1 billion bushels of corn, 48,750 Bugatti Veyron sports cars, 4 Royal Caribbean MS Oasis of the Seas cruise ships or 59 NASA Curiosity Mars Rovers.
Interestingly, Apple assumed the all-time market-cap crown from Microsoft, which hit $616 billion in December 1999, which occurred near the height of the Internet bubble.
The might of Microsoft's empire has steadily eroded since its stock hit $59.97 oh-so-long ago, so it's time to ask some tough questions about Apple.
How many more hot products does Cupertino have up its sleeve? Is it bullish or bearish that investors have bid up the stock based on products that not yet exist?
And could this week have marked the top for America's most dominant company?
There's no doubt that Apple makes great products; it remains to be seen if it will be a great investment from these levels.
Todd Harrison is founder and CEO of Minyanville.