(NEW YORK) — Apple Inc. (Nasdaq: AAPL) set a new record as the most valuable company in stock-market history, after its stock hit a new intra-day high today. Its stock passed the $664 mark on Monday, up over 2.4 percent.
The market value of Apple, which is its stock price multiplied by the number of outstanding shares, reached $622 billion in midday trading, beating out Microsoft (MSFT), the previous record-holder, which peaked on Dec. 30, 1999.
Analysts attributed increasing buzz around Apple’s next iPhone, expected to be released this fall, and a possible iPad mini, to the jump in the stock price.
The new record does not take inflation into account, though, so Microsoft was worth considerably more in its prime.
Apple has been the world’s most valuable company since the end of 2011.
Copyright 2012 ABC News Radio
Robynn Garfield, KSL.com
Ahiza Garcia, CNN Newswire