Apple, already world's most valuable company, now worth more than $700B

Apple, already the world's most valuable company, surpassed $700 billion in market capitalization Tuesday as its stock hit another all-time high.

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The company unveiled the latest version if the iPhone two months ago and sales have been surging. During its last quarter, Apple sold 39.3 million iPhones and said that it expected revenue from the sale of all of its products to come in between $63.5 billion and $66.5 billion in the current quarter.

Apple shares have risen 48 percent in 2014 and the company announced its first stock split in 9 years.

Apple's title as the world's most valuable company does come with an asterisk, however.

While Apple is the first S&P 500 company to exceed $700 billion in value, Microsoft Corp., if adjustments are made for inflation, had an even greater market cap about 15 years ago. Its $613 billion market cap in 1999 would be worth $874 billion today.

Microsoft's market cap is now about $394 billion.

Shares of the Apple Inc., based in Cupertino, California, rose $1.12 to hit $119.75 Thursday.