Apple Inc has set a record by becoming the first company to be valued at US$700 billion.
The iPhone maker was already the world’s most valuable business, but in early trading on Tuesday in New York, its shares rose nearly 1 percent to US$119.75, giving it a market capitalization of US$701.7 billion. This is higher than the GDP of all except the top 19 nations.
Apple’s shares have risen about 60 percent this year, with the success of its iPhone 6 and iPhone 6 Plus a main driver.
Last month, it said that it had sold a record 39.3 million iPhones in its third quarter and predicted that its latest products would help it boost sales by at least 10 percent over the coming holiday period.
It expects to sell more in the Christmas quarter this year than it did in the whole of 2010.
Chief executive Tim Cook, who succeeded Steve Jobs in August 2011, said at the results presentation that demand for the new smartphones had been “staggering.”
“At this point we are selling everything we’ve made,” he said, adding that this year was “one for the recordbooks.”
The success of the iPhone 6 boosted Apple’s shares after they had hovered near the US$100 mark for much of the summer.
Apple has been vying with oil company ExxonMobil for the laurel of the world’s largest company for a number of years, first overtaking its rival in August 2011 before falling back amid concerns that its future products might not live up to past glories.
It regained the top spot in August last year, after ExxonMobil suffered from falling oil prices and weak earnings.
ExxonMobil is now worth about US$405 billion, while Apple’s technology rivals Microsoft and Google are valued at US$392 billion and US$368 billion respectively.
Analysts believe Apple’s valuation could go even higher, with Michael Corcelli, head of US fund Alexander Alternative Capital, saying that he expected its market capitalization to reach US$1 trillion next year.
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