Apple is Now World's Most Valuable Company with $700 Billion Market Capitalization

Apple's market capitalization has surged to more than $700 billion on Tuesday, making it the world's most valuable company to date.

CBS San Francisco said this is the first time that Apple had a market cap exceeding the $700 billion mark. It also noted that there is at least $300 billion difference between Apple and its rival Exxon Mobile, which claimed the second spot this time.

To give the exact figures, Apple's current market cap totaled to $701.1 billion, as reported by Market Watch. The amount was $298.6 billion higher than Exxon Mobile's market cap of $402.5 billion, it revealed. "That difference is more than the market caps of 27 of the 30 Dow Jones Industrial Average components," it added 

This came after shares in the company opened at a slightly higher price of $119.07 during Tuesday's trading at the American stock exchange, The Telegraph noted. This is 1.85 percent up from Friday's closing price. This is also the first time for the company to have a share price higher than $118.

As comparison, Apple's market cap is almost twice of what its rival Google has, CNN Money said. It also noted that the doubts about CEO Tim Cook's leadership has faded.

Meanwhile, The Guardian reported that the amount is even higher than the gross domestic product of "all but the top 19 countries in the world."

Analysts at Wall Street have expressed their confidence that Apple's growth would continue, CBS said.

This was seconded by Michael Corcelli, head of Alexander Alternative Capital, who said during the Reuters Global Investment Outlook Summit in New York that he "absolutely" expects Apple's market cap to reach $1 trillion next year, The Telegraph reported.

Known businessman and investor Carl Icahn meanwhile was cited by CNN Money saying that Apple's stock could go as high as $203 a share.

Through the success of its newly released iPhone 6 and iPhone 6 Plus, Apple saw its shares to rise about 60 percent this year, The Guardian said. The company's shares have been hovering around the $100 mark during the summer. 

This report added that the company has sold at least 39.3 million iPhones during the third quarter period alone. It was also announced a month ago that its new products which include the iPhone 6, iPhone 6 Plus, iPad Air 2, and iPad Mini 3 are expected to increase sales by at least 10 percent this holiday season and to break records set in 2010.

Apple's current chief Tim Cook, who succeeded founder Steve Jobs, was quoted by the Guardian saying that this year is "one for the record books," noting of the "staggering" demand for the new phones.

It has been known that Apple and Exxon Mobile have been fighting neck-and-neck to get the top spot for several years now. The Telegraph said that Apple first outshone Exxon Mobile in August 2011 when its market cap totaled to $337.2 billion compared to the energy giant's $330.8 billion. Apple again redeemed itself and clinched the number one spot in August 2013 after Exxon suffered weak earnings as well as falling oil prices.