Consumer tech titan Apple has hit a record market capitalisation of US$700bn, cementing its position as the world’s most valuable company.
The valuation is a crowning achievement for Apple CEO Tim Cook, who took the helm of the company just before co-founder and former CEO Steve Jobs died 2011.
The value of Apple has effectively doubled under Cook’s leadership in those three years.
Apple is understood to be the first S&P 500 company to ever reach a market cap of US$700bn.
However, software giant Microsoft reached a peak market cap of US$613bn in 1999, which is US$874bn in today’s money.
Apple’s performance is being driven largely by the popularity of the iPhone smartphone.
According to KGI Securities, Apple will sell 71.5m iPhones during the current quarter. The iPhone 6 and iPhone 6 Plus will together account for some 56.75m of these shipments.
Apple Store in Paris image via Shutterstock