America’s most valuable company is standing at an all-time high. Apple briefly hit a market capitalization of more than $776.59 billion as of Tuesday.
Apple managed to top its previous peak market value of $774.91 billion and hence it remained the only U.S. listed stock with a market value of more than $700 billion.
The move has set the bar very high for Apple’s competitors. Reports by FactSet indicate that the other tech stocks near record highs included Alphabet, at $646.6 billion, Microsoft at nearly $536.4 billion and Amazon at $451.5 billion.
Apple has strived hard through the two-year road, it managed to break the $700 billion mark after falling briefly below Alphabet in 2016 as it posted its first year-over-year revenue drop since 2001. From that moment, Apple's iPhone sales have recovered due to an increase in unexpected demand for the iPhone 7 Plus.
The tech giant has been boosted by the rising tide of record highs in the U.S. markets it managed to hit a record intraday share price Tuesday ahead of its quarterly earnings report after the bell.
Despite breaking record-high share prices, Apple has now fallen short of its all-time high market capitalization, since market value is determined by stock price multiplied by shares outstanding.
Reports from FactSet reveal that the tech giant currently has 5.25 million shares outstanding, compared with the 5.76 million shares outstanding it had in March 2015, as the company has approved share repurchases. The company may announce that it bought back more shares during the quarter after Tuesday's earnings report. This might alleviate the record market capitalization in a major way.