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Apple valuation reaches $700B

Apple still has a way to go before it breaks the valuation record, counting for inflation. Microsoft was valued at $613 billion in 1999, which is nearly $874 billion when inflation is factored in.

By Aileen Graef
Apple CEO Tim Cook NYC" has seen Apple's market cap double during his 3-year tenure UPI/John Angelillo
Apple CEO Tim Cook NYC" has seen Apple's market cap double during his 3-year tenure UPI/John Angelillo | License Photo

NEW YORK, Nov. 25 (UPI) -- Apple Inc. hit an epic milestone Tuesday when it capped at $700 billion valuation after shares rose .8 percent to $119.59 on the trading floor.

Apple is the first S&P 500 company to ever reach a $700 billion market cap but when counting for inflation, does not make it the highest valued company.

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"Given Apple's significant portfolio refresh over the past three months, the lack of innovation from competitors and a constructive spending backdrop in the U.S. market, we believe Apple has opportunity to shine bright this holiday season," Brian White, an analyst at Cantor Fitzgerald, wrote in a letter to investors.

Since founder Steve Jobs stepped down shortly before his death in 2011, Apple CEO Tim Cook has seen the company's market cap double.

"The general public was unsure how to grade his performance, because you're comparing him to Steve Jobs, but when you look at it in that context, I think this has answered the question 'What is Tim Cook's legacy?' As CEO he's doubled the stock off of what was already a huge run," said Gene Munster, a senior research analyst at Piper Jaffray.

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Some even think Apple has more potential than $700 billion. In an open letter to Cook, investor Carl Icahn argued Apple should be trading at $203 per share, giving it a valuation of $1.2 trillion.

"We believe Apple remains dramatically undervalued," he wrote.

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