APPLE, ALREADY THE world’s most valuable company, hit the $600 billion (€457 billion) level for the first time today.
Only one other company has been worth $600 billion —Apple’s old sparring partner Microsoft Corporation. It reached that valuation for thirteen trading days around the turn of the millennium, at the peak of the technology stock mania.
At its highest level on 30 December 1999, Microsoft’s valuation was $619 billion. It’s now worth $260 billion.
Apple shares hit $644 in morning trading, up 1.2 percent from Monday’s close.
Apple’s stock is up 59 per cent since the start of the year, as investors have started catching up with what analysts have been saying: despite its enormous market capitalisation, Apple’s stock has been undervalued in relation to its even bigger profits.