Apple shares reach $400

Apple has become the second-most valuable company in the world behind Exxon-Mobil, and with plenty of new products on the way there's no reason it can't hit the top.

Shares in the firm closed over US$400 for the first time this week, on the back of last week's record profit announcement and new model introduction.

This gives Apple a market capitalisation of around $374 billion, behind only Exxon-Mobil at $416 billion.

With plenty to come this quarter, including iCloud, the new iOS, and probably the iPhone 5, commentators are speculating Apple could become top dog before the end of the year.

Share value has grown 96% from last January, when the iPad was launched. Back in 1997 when Steve Jobs was reinstated as CEO, the company was on the verge of bankruptcy and Apple shares were worth just $5.48.