Apple sets record for company value at $770b

August 21, 2012 - 10:07 am | Category: Money

Apple is Wall Street’s all-time MVP that’s Most Valuable Property.

Overnight, Apple’s surging stock propelled the company’s value to $US623 billion ($NZ770b) the world’s highest, ever. It beat the record for market capitalisation set by Microsoft in the heady days of the internet boom.

After a four-month dip, Apple’s stock has 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 53 per cent more than No. 2 Exxon Mobil.

Apple’s stock hit $US664.74 in midday trading before retreating slightly to $662.38. That was $14.27, or 2.2 per cent, higher than 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.