Apple has become the largest company in American history after it achieved a valuation of $700bn on Wall Street, more than double its closest rival, oil producer Exxon Mobil which is valued at just $385bn.
The tech firm’s latest growth spurt saw its share price nudge 2 per cent higher yesterday to close at $122.02, valuing the firm at $710.7bn.
It is the first time any US firm has managed to punch through the $700bn ceiling at the close of a day’s trading and comes as the Californian giant posted record quarterly profits of $18bn in the final three months of 2014, driven by rapid adoption of its iPhone 6.
Speculation is now building as to what Apple may do with its gargantuan war chest with some speculating that it may seek to dethrone Google in the search engine arena. It is also lavishing $5bn on a Foster designed HQ and a further $850m on a solar array to power it.