Apple's Market Value Exceeds Microsoft

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Published on Tuesday, 21 August 2012 10:40

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(Reuters): - Apple Inc's market value climbed past $623 billion on Monday, surpassing the record set by Microsoft Corp during the heyday of technology stocks in 1999.

Apple shares rose 2.6 percent, bringing its gains this month to almost 9 percent as Wall Street bets on the September 12 rollout of the latest version of the iPhone, the device that revolutionized the mobile industry.

Microsoft, however, retains the title of history's most valuable company if its 1999 peak value of about $621 billion were to be adjusted for inflation.

Apple's stock usually rallies in the run-up to major product launches, among the most heavily watched events on the annual tech calendar. The iPhone is the company's biggest product, yielding half or more of its sales.

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