Shares of Apple reached a new all-time high on Tuesday, closing at $122.02 per share, with a record breaking market capitalization level of $710.74 billion -- the largest closing value ever for any U.S. company.
AAPL stock finished the day up nearly 2 percent up from their opening price of $120.26. Apple's closing price represents its highest ever, and is just below its intraday high of $122.15, also reached on Tuesday.
With a market cap of $710.74 billion, Apple is worth more than twice that of the market valuation of Microsoft ($349.48 billion), and nearly twice that of Google ($365.21 billion).
Apple previously reached the $700 billion market cap threshold in intraday trading.
Shares of Apple have moved higher since the company reported a blockbuster holiday quarter in . Led by record smashing sales of 74.5 million iPhones, Apple earned $18 billion in profit.
Apple's recent gains have forced analysts on Wall Street to revise their estimates and . Following its December earnings report, many on Wall Street were predicting that Apple will trade at $130 or higher in the next year.
But if the most recent gains stick, it's likely that many of those forecasts will go higher yet again, as the $130 price range continues to get closer.
The most lofty projection for shares of AAPL comes from billionaire activist investor Carl Icahn, who set a price target of $203 last fall. Icahn said that he will revisit his estimates and potentially increase them, as he believes Apple is a "no-brainer" investment.