Today the market’s most valuable stock upped its price—and it didn’t even have to do it with a fancy product rollout!
Granted, the new iPad probably had something to do with Apple’s stock price boost, which broke another record by hitting $600 per share this week before falling again during Wall Street trading. Just a month ago, the company cracked $500 per share for the first time.
For some the skyrocketing price maybe a little spooky. The only two other companies to beat Apple’s current $559 billion valuation are General Electric and Microsoft, which reached their highest points during the dot-com bubble over a decade ago.
But analysts say the tech giant’s sales numbers and projections back up the price. Last quarter the company posted $13 billion in sales—one of the most profitable quarters ever for a U.S. company. With a price near that of a new iPad itself, that’s a stock you might want to buy instead of a gadget—it might be a better investment.