Apple’s Market Cap Briefly Passes $600 Billion
Apple’s market capitalization surged past $600 billion briefly this morning as its stock price passed $640 per share. A tumble in stock price around noon sent the market cap back down, and it’s currently sitting at just over $590 billion.
Despite dips and the occasional mini-crash, Apple’s stock has been an a sharp upward trend in recent months. In late February Apple surpassed $500 billion in market value, widening the gap between itself and Exxon Mobil, the world’s second most valuable company, to roughly $100 billion. Over the next few weeks, the company’s stock hit several new records, breaking $600 per share in mid-March.
Apple’s stock price peaked at $643 at just after 10:00 this morning, with its market cap breaking $600 billion. It declined slightly from there until just before noon, when it began to drop sharply, bottoming out at $629 just after noon. The current price is $631 per share.
The late morning dip notwithstanding, it’s a fair bet that Apple’s stock will continue to rise as they continue to debut new products. Rumors abound of an iPad Mini and an iTV on the way. Meanwhile the next iPhone is definitely coming sometime later this year, and may even push Apple’s stock price up past $1,000.