Apple has reportedly become the most valuable company of all time, with an estimated market value of approximately US$623 billion ($592 billion).
The company made famous by the Macintosh computer and iPhone has now surpassed Microsoft's record of $620.58 billion, which was set in 1999.
This figure, however, has not been adjusted for inflation.
Apple shares hit US$664.74 in New York Monday's (August 20th) midday trading and finished at US$665.15, which is 2.6 per cent higher than Friday's close.
This news comes just weeks before the company is expected to launch the eagerly anticipated new iPhone 5.
Indeed, BBC News website's business editor Tim Weber wrote in a blog after the launch of the Samsung Galaxy S3 in May that while the Korean manufacturer's mobile phone is impressive, the iPhone 5 will still be the phone to beat in 2012.
Apple is also currently embroiled in a bitter patent trial with Samsung in the US, with the result of trial anticipated to be coming in the next few days.
Posted by Samantha Green