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Apple becomes the most valuable company in history

iPhone firm now worth £397 billion

iPhone and iPad maker Apple has become the world's most valuable company of all time, with a market value of $623.14 billion (£397b).

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The Mac firm surpassed Microsoft's previous record of $620.58 billion, which was set in 1999, although that figure doesn't take into account the impact of inflation, Reuters reports.

Apple's stock usually rises in the run-up to new product launches. Last month, CEO Tim Cook teased iDevice fans by stating that the company has "amazing new products in the pipeline".

Multiple reports have claimed Apple will launch a new iPhone and iPad this year. A September iPhone 5 release date and a pre-Christmas iPad Mini release date have been widely tipped.

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