MUMBAI: Late Steve Jobs‘ brainchild Apple has surpassed techie contemporary Microsoft in becoming the most valuable public company of all time.

On Monday, Apple‘s market value reached $623.14 billion. Microsoft‘s hitherto held record was of $620 billion, which was way back in 1999. Apple shares were up 2.63 per cent at $665.15 at close having gained more than 8 per cent this month.

Media analysts attribute this surge in market value to the anticipation surrounding the latest version of Apple‘s iconic product the iPhone on 12 September later this year. The rise in the stock price before a product launch has been a long observed trend in the case of Apple.

On the other hand, Facebook‘s shares lost value in the morning session to $18.75, though they did bounce back in the afternoon to $20.

Last year, Apple became the biggest public company in the world when it overtook Exxon Mobil.