Apple is now the most valuable company with a market value that is estimated at more than $700 billion. The technology giant is the first U.S.-based company to achieve this milestone. The value of the company is now estimated to nearly as much as the assets of Abu Dhabi Investment Authority (ADIA).
The record market value was reached on February 10 (Tuesday) when Apple’s share jumped by almost 2%, hitting $122.02. As a result, the company’s value is now almost $711 billion. In comparison, the market value of the company’s main competition Microsoft and Google is estimated at $349 billion and $365 billion, respectively.
Apple achieved a 120-fold market rise between 2000 and 2015. Back in 2011, the company’s value went over $300 billion for the very first time in its history. Since then, it has increased by over two times.
This market success is not the only record, which Apple scoreD this year. In January, the company announced that its profits for the previous quarter reached $18 billion, largely thanks to the 74.5 million iPhones units that have already been sold. A profit of $18 billion has never been recorded by any other company.
With so much money in its piggy bank, Apple can now buy GM, Ford and Tesla and still enjoy a leftover of more than $41 billion. It can even buy a technology giant like IBM. Also, the U.S. giant can easily acquire GoPro just using its iPad profits.
Apple has indeed reinvest some of its record profit, but not by acquiring any of the above-listed companies. Tim Cook, Apple’s CEO, announced that the technology giant will spend $850 million for the construction of a massive solar farm. The farm will be located in Monterey, California and it will cover an area of 1,300 acres. For the purposes of this project, Apple has teamed up with First Solar. The latter will complete all construction works.
Part of the energy produced by the eco-friendly facility will power the newly-built headquarters of the company. Nevertheless, when it is fully completed, the farm will produce enough power to cover all energy needs of Apple in the entire state of California.