Apple hit a market capitalization of over $620 billion this morning, breaking the record of $618.9 billion set by Microsoft back in 1999. The company is now worth over $200 billion more than the second largest company in the world, Exxon Mobil, and almost $400 billion more than the $256.7 billion Microsoft is today.

Apple's valuation is a factor of its share price, currently just over $660 per share, and the number of outstanding shares available to investors. The company's share price has been steadily increasing as of late, as rumors of a new iPhone and a smaller version of the iPad have gained steam.

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