Apple has become the first company in American history to record a stock market valuation of more than $700bn.
The US tech giant’s figure, as markets closed in New York on Tuesday night, prompted Chief Executive Tim Cook to say “we don’t believe in such laws as laws of large numbers. This is sort of an old dogma that was cooked up by somebody,” he said. “Steve [Jobs] did a lot of things for us over many years but one of the things he ingrained in us is that putting limits on your thinking is never good.”
Overall, Apple is bigger than the combination of Google, Facebook, Twitter and LinkedIn and its booming success will only allow it to continue it expeditious growth. Apple sold 192.7m iPhones in 2014, and continues to compete with Samsung as the world’s largest smartphone maker.
Cook is also making headlines for announcing what he called Apple’s “biggest and boldest project ever”. The company will invest £850m into building a 1,300-acre solar-power farm in California, which Cook said will provide renewable energy for its new campus, other offices as well as retail stores in the state.
“We are doing this because it’s right to do,” he said, before adding that it will create “very significant savings” in Apple’s energy costs.