The Tame Apple Press has been getting very moist claiming that with its share price so high, Cupertino is now host to the most valuable technology company of all time.
Assocated Press wrote that Jobs’ Mob’s surging stock propelled the company’s value to $623 billion, the world’s highest ever. It even beat the record for market capitalisation set by Microsoft Corp. in the heady days of the internet boom.
The LA Times repeated the same thing, claiming that Apple could check off another milestone as “it’s now the most valuable company of all time”.
The share price was going up on speculation that millions of Samsung owners were planning to throw their Galaxy IIIs in the bin the moment Apple released its iPhone 4 refresh, the iPhone 5. Good luck with that one.
The figures are complete rubbish. Apple is not even close to being the world’s most successful technology company ever. And neither, for that matter, was Microsoft.
The Tame Apple Press has the memory of a gold fish, presumably because it records history by Apple’s yearly product cycles and Coldplay album releases.
That is because the record has been set by none other than IBM in in 1967, which is long before Coldplay had an album.
As TechDigest points out, at the time, Biggish Blue was worth $192.3 billion and the world was its lobster. To put this in perspective, a buck in 1967 is work worth $6.85. If you take into account inflation then IBM was worth $1.3 trillion at today’s prices.
The New York Times, acting as Apple’s unpaid press office, has said that while that is true, at a market capitalization of $500 billion, the brains behind the iPad and iPhone may be worth $3 trillion by 2020. So eventually Apple will be much bigger than IBM and the streets will be awash with iPads and we will be paying most of our earnings into iTunes.
The New York Times is assuming that Apple’s growth will continue and that it does not become another RIM.