October 25, 2020

Apple market value hits $500B, where few have gone

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NEW YORK (AP) — Apple’s market capitalisation topped $500 billion Wednesday, climbing to a mountain peak where few companies have ventured – and none have stayed for long.

Apple was already the world’s most valuable company. The gap between it and No. 2 Exxon Mobil Corp. has widened rapidly in the past month, as investors have digested Apple’s report of blow-out holiday-season sales of iPhones and iPads. And, more recently, Apple has raised investors’ hopes that it might institute a dividend.

The company’s market capitalisation was near $506 billion in late-morning trading as the shares rose $7, or 1.3 percent, to $542.41.

On Tuesday, the Cupertino, Calif., company sent out invites to reporters for an event in San Francisco next Wednesday, apparently to reveal its next iPad model. The launch of the new model was expected around this time, a year after the launch of the iPad 2.

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