Capitalism at its finest.
Ahead of a highly anticipated earnings report, America’s most valuable company is now worth more than ever.
Apple briefly hit a market capitalization of more than $776.59 billion on Tuesday, topping its previous peak market value of $774.91 billion to remain the only U.S.-listed stock with a market value of more than $700 billion. Even with other tech stocks near record highs, Apple dwarfs Alphabet, at $646.6 billion, Microsoft at nearly $536.4 billion and Amazon at $451.5 billion, according to FactSet.
It’s been a long two-year road for Apple, which again breached the $700 billion mark after falling briefly below Alphabet in 2016as Apple posted its first year-over-year revenue drop since 2001. Since then, Apple’s iPhone sales have rebounded thanks to better-than-expected demand for the iPhone 7 Plus, executives say.
Boosted by the rising tide of record highs in the U.S. markets, Apple hit a record intraday share price Tuesday ahead of its quarterly earnings report after the bell.