Apple sets all-time Wall Street record

Apple Inc has become Wall Street's all-time most valuable company after its market value touched a little over $623 billion yesterday, surpassing Microsoft Corp's all time high of  $616.3 billion during the computer stocks boom in 1999.

The stock of the Cupertino, California-based company that nearly filed for bankruptcy in 1996, surged by 2.6 per cent yesterday to close at $665.15, giving it a market value of $623.52 billion.

Microsoft's peak market value on 30 December 1999 was $620.58 billion, but the software giant would have been valued at $850 billion if inflation adjusted dollars is taken into account. Microsoft market value is now $257 billion.

Apple had surpassed Microsoft in May 2010 to emerge as the world's most valuable technology company (See: Apple overtakes Microsoft as largest tech company). and (Apple rated the most valuable brand: Forbes)

Apple, which ignited the personal computing revolution with the iconic Mac, the iPod, the iPhone and the iPad, has a higher market value than the combined worth of rivals Google and Microsoft.

Already the world's most valuable company since the end of last year after it overtook US oil giant Exxon Mobil, Apple share price is predicted by analysts to reach $745 million by early next year after the company launches the latest iPhone 5 and probably a mini version of its iPad tablet PC.