Apple to become the first trillion dollar company

Until now the record for the largest market cap – or price per share multiplied by number of shares – for a public company was $US619 billion, set by Microsoft in 1999. Piper Jaffray’s Gene Munster said Apple will get the next $US400 billion from two places - more money invested into tech stocks, and money shifting to Apple from the market cap of its major competitors. Topeka Capital Markets analyst Brian White said Apple shares will rise to $US1001 within the next 12 months as it expands into new markets and ramps up its business in China. "Driven by an ever expanding portfolio of innovative products, a growing integrated digital grid, unmatched aesthetics and a brand that is able to touch the soul of consumers of all backgrounds, Apple fever is spreading like a wildfire around the world and we see no end in sight to this trend," Mr White wrote in a client note. Mr Munster said the company’s 12-month price target will hit $US910 per share. "We believe shares of Apple will reach $US1000 in [calendar year] 2014, which would imply a roughly $US1 trillion dollar market cap, the first in history," Mr Munster wrote in a note to clients. Apple's current market capitalisation sits at $US576.79. Apple’s shares closed 1.7 per cent higher at a new high of $US629.3, and have risen more than 55 per cent since the beginning of the year.