The tech giant has become the first company to reach a market value of $US700 billion, as news of its gains in the smartphone market and soon-to-arrive smartwatch boosted its shares.
Apple is now far ahead in market value from the number two company, oil
giant Exxon Mobil, worth some $382 billion at the market close, says ABC.net.
Apple's stocks climbed 1.9 per cent to close at $122.02, lifting its market value to $710 billion, says ABC.net.
According to analysts, the company's shares remain valued at reasonable levels, because of the whopping $18 billion quarterly profit reported recently by the iPhone and iPad maker.
Cantor Fitzgerald analyst Brian White said the company has even more room to grow.
"Given Apple's powerful iPhone cycle, a big 4G ramp in China and the upcoming launch of Apple Watch in April, we believe there is still plenty to look forward to at Apple during this transformational cycle," Mr White said in a note to clients.
"At the same time, we believe Apple's valuation has room to expand from depressed levels."
Using the price-earnings ratio favoured by Wall Street, Apple is valued at around 16 times its annual earnings. However, Fitzgerald said the value was only around 10 times the projected earnings for the next fiscal year.
The phenomenal Apple quarterly profit — on revenue of $74.6 billion — was spurred by the sale of 74.5 million iPhones. That was well ahead of most analysts' expectations.
Analysts have also seen expanded adoption of the Apple Pay system that enables customers to purchase items with a tap of their iPhone.
Strong demand for the Apple Watch, which is set for release in April, is also predicted.
Meanwhile, Apple agreed to commit $848 million for solar energy to power its data centres, according to a statement from First Solar, Inc.
Earlier this month, the firm unveiled plans to invest $2 billion over the coming decade into a solar-powered data centre "global command" facility in the southwest state of Arizona.
