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Apple on the verge of becoming world's first $1 trillion company
Apple on the verge of becoming world's first $1 trillion company
By: iMedia News Bureau

The world's insatiable appetite for all things Apple appears to be reaching new levels. Silicon Valley's hottest company could soon become the world's first trillion-dollar company when its shares top $1,000 each, according to Wall Street analysts.

The technology group achieved another milestone on Thursday as Apple's stock price rose above Google's for the first time. Brian White, of Topeka Capital Markets, then claimed Apple's sky-high share price will hit four figures within 12 months - making the company worth $1 trillion. Gene Munster from Piper Jaffray said “Apple is on track to become the first public company to have a trillion dollar market capitalization”.

But for all the hoopla, the leap to $US1,000 would be a big hike for a company that has already enjoyed a record run on the stock exchange.

Cupertino based technology giant already the most valuable company in the world currently valued at $590.82 billion. Last week Apple's shares were worth $US633.38 each – slightly more than a mid-range iPad. A year ago they were changing hands at $US341. At its current price Apple is valued at $US590.82bn, making it the most valuable company in the world. At $US1,000 Apple would be worth nearly $US1tn. No other company has been valued at anything like that price. "Apple fever is spreading like a wildfire around the world," White said in his report

When Tim Cook, Apple's Chief Executive, stepped in to fill Steve Jobs shoes, some worried Apple's glory days may be over, but in late January Cook announced a record sales of iPhones and iPads as Apple more than doubled its profits to $US13.06bn, compared with $US6bn for the same quarter in 2010.

Cook said the company had sold a record 37.04m iPhones in the final quarter of 2011, a 128 per cent rise on a year ago. "We could have sold more if we'd had more supply," he said. The recently launched iPhone 4S proved to be the company's best seller in the quarter. "We could not be happier," said Cook.

Apple's growth is expected to be driven by sales in China, where January's launch of the iPhone 4S triggered a near riot in Beijing. Apple is also expected to move into the TV market after the launch of its set-top box Apple TV.

Going forward, consumer interest in owning future Apple products are the key metrics to measure Apple's pace of innovation.