Is Apple the most valuable company ever?

Apple continued its market dominance yesterday, conferring a record $623.5 billion in market capitalisation - for those keeping score, that's nearly £400 billion in old money.

According to Reuters UK, that beats the $620.8 billion (£393.5bn) record set by Microsoft in 1999 during the dotcom boom. Apple closed Monday on a session high of $665.15, or £421.86.

The news comes several days after Apple's valuation topped $600 billion (£380bn) for the first time amidst speculation about the launch of the next iPhone. Last week, Apple's stock closed Friday at $648.11 (£411.12) for a valuation of $607.54 billion (£385.44bn). Previously it's highest price was $644 (£408.58) on 10 April.

During its most recent earnings call, Apple said it now has $117.2 billion in cash (£74.35bn), up from $110 billion (£69.78bn) during the last quarter.

All eyes will be on Cupertino in the coming weeks, as Apple is expected to unveil its next-gen iPhone - and possibly an iPad mini - at a press event on 12 September.

Apple has yet to make any announcements, but the rumour mill tips a new smartphone with a bigger screen, 4G LTE connectivity where available, NFC, and more.

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