Apple s market capitalization has exceeded $700 billion for the first time, making it the most valuable U.S. company ever without adjusting for inflation.
The Cupertino-based company s market cap crossed the $700 billion threshold on Tuesday, meaning it has doubled since CEO Tim Cook took the reins from founder Steve Jobs in 2011.
It s the ultimate statement of what Tim Cook has added, Gene Munster, a senior research analyst at Piper Jaffray, NBC.
During trading in New York this morning, Apple s stock reached a high of$119.75. That equates to a record valuation of more than $702 billion, making Apple the world s most valuable company by a long shot. Its market capitalization is 1.7 times that of the runner-up, Exxon Mobil, which is worth $405 billion, according to Bloomberg.
Reaching the $700 billion summit is just the latest achievement Apple has logged during a financial hot streak this fall. Earlier this month, Apple s market cap climbed to more than $660 billion, besting the levels it reached in 2012, the year it earned the title of world s most valuable company.
But the company must continue its run to become the most valuable U.S. company in history when adjusting for inflation. That crown belongs to an old foe: Microsoft. In 1999, amid the dot-com boom, the software giant reached a market cap of $620.6 billion, which translates to about $884.5 billion in today s dollars, according to the Bureau of Labor Statistics inflation adjustment calculator.
Analysts chalk Apple s sterling financial performance up to the renewed buzz surrounding its product line. The mobile giant has been riding high since unveiling an arsenal of new offerings — supersize iPhones, a mobile payments system and a long awaited smartwatch — at a star-studded event in September.
Above: Apple s market capitalization has doubled during CEO Tim Cook s tenure (Justin Sullivan/Getty Images).
