A spike in
share prices has made Apple the most valuable company ever. Expectations for
products it is expected to release soon helped the electronics company beat a
record held by its arch-rival Microsoft.
The
computer and gadget maker Apple set a new record as the most valuable company
of all-time on Tuesday, after its shares jumped by 2.3 percent, hitting $665
(539 euros) on the New York stock market. This elevated Apple's value to around
$622 billion, beating the previous record of $619 billion set by Microsoft in
1999 – before the dot-com bubble burst.
As recently
as November 25, 2011, Apple shares were trading at just over $363, before
embarking on a steep climb.
The most
recent spike in value began on Friday after an investment bank analyst at the
Jeffries group predicted that Apple's shares would hit $900 after the launch of
the much-anticipated iPhone 5. Analysts believe the latest iPhone could be
unveiled as soon as September and that iPhone may be working on a small version
of its popular iPad and a new version of a device that reroutes video to
television sets, which has been dubbed “iTV.”
The record
comes 10 months after the cancer death of Apple's co-founder, Steve Jobs.
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