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With a market cap of $621 billion Apple is now the most valuable American company of all time, beating a record formerly held by Microsoft during the dot-com bubble, according to The Associated Press' Peter Svensson. Though, that number does not take into account inflation, which would put Microsoft's value at $850 billion on Dec. 30, 1999, notes The AP's Svensson. But Apple shouldn't feel like it lost to Microsoft. Today, Microsoft is only worth $257 billion. Plus, Apple has been breaking market records all year, first overtaking Exonn Mobile as the most valuable company last August.

The recent surge comes as a result of speculation related to the new iPhone and iPad Apple is expected to release in September. If the stock has gotten this high based on total rumor, imagine what kind of records Apple will break once it releases the gadgets. Maybe it will surpass Microsoft for real, getting up to $850 billion. 

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