Apple Stock Climbs to Record High Amid iPhone 5 Hysteria

At this point in the game, Apple might as well have a license to print money. The Cupertino company's share price soared to a new high on Friday, reaching $648.11 at the closing bell, which gives Apple a market capitalization of $607.54 billion. In after hours trading, the stock is up to $649, an indication that a new high is on the horizon.

Apple's stock has been rising steadily since mid-May when the share price was just over $530, and the recent surge comes just before the company is set to announce the iPhone 5, which will likely be unveiled in September. There's also been a fair amount of chatter surrounding an iPad Mini device to compete with the 7-inch tablet category.

Apple Retail Store
Image Source: Flickr (nechbi)

While nothing is yet official, the iPhone 5 will almost definitely bring a larger size touchscreen to the smartphone party than any previous iPhone model, along with 4G LTE connectivity. iPhone sales have slowed in recent months, mainly due to the fact that iPhone 5 rumors have been so rampant, causing some smartphone buyers to delay upgrading until they see what Apple's next generation device has to offer.