Apple stock reached a new all-time high on Tuesday afternoon.
Shares of the tech giant surged to $134.88 shortly after 1 p.m., giving the Cupertino, Calif., company a market cap of $713 billion.
The stock price surpassed the previous Apple high of $134.54, set on April 28, 2015.
Apple is the world’s most valuable company. But it was worth more—$775 billion—when it previously hit its high markets price because it then had more shares outstanding.’
Accounting for the lower market cap is a major share buyback program, which Apple began in earnest in 2013.
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