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NEW YORK \u2014 Apple is the world\u2019s most valuable company, ever.<\/p>\n
On Monday, its surging stock propelled the company\u2019s value to $623 billion, beating the record for market capitalization set by Microsoft Corp. in the heady days of the Internet boom.<\/p>\n
Apple\u2019s stock has hit new highs recently because of optimism around what is believed to be the impending launch of the iPhone 5, and possibly a smaller, cheaper iPad.<\/p>\n
Apple Inc. has been the world\u2019s most valuable company since the end of last year. It\u2019s now worth 53% more than No. 2 Exxon Mobil Corp.<\/p>\n
Apple\u2019s stock hit $664.74 in midday trading before retreating slightly to $663.<\/p>\n
That was $14.98, or 2.3%, higher than Friday\u2019s close.<\/p>\n
Microsoft\u2019s 1999 peak was $620.58 billion, according to Standard & Poor\u2019s.<\/p>\n
The comparison to Microsoft does not take inflation into account. In inflation-adjusted dollars, the\u00a0software<\/a>\u00a0giant was worth about $850 billion on Dec. 30, 1999. Microsoft is now worth $257 billion.<\/p>\n Analysts believe Apple\u2019s stock has room to grow. The average price target of 38 analysts polled by FactSet is $745.80.<\/p>\n Apart from the iPhone and a mini iPad, analysts are speculating that Apple plans to make a TV set to complete its suite of consumer electronics products. Apple usually doesn\u2019t comment on its future product plans until a few weeks or days before a launch.<\/p>\n China\u2019s largest oil company, PetroChina, was briefly worth $1 trillion after it listed on the Shanghai stock exchange in 2007, but only based on its price on that exchange. Its\u00a0shares<\/a>\u00a0also trade in Hong Kong and on the New York Stock Exchange. Based on trading there, its market capitalization never went as high as $500 billion.<\/p>\n