Apple Market Capitalization Tops $500 Billion

NEW YORK — Apple's market capitalization topped $500 billion Wednesday, climbing to a mountain peak where few companies have ventured – and none have stayed for long.

Apple was already the world's most valuable company. The gap between it and No. 2 Exxon Mobil Corp. has widened rapidly in the past month, as investors have digested Apple's report of blow-out holiday-season sales of iPhones and iPads. And, more recently, Apple has raised investors' hopes that it might institute a dividend.

The company's market capitalization was near $506 billion at the market close. Shares rose $7.03, or 1.3 percent, to close at $542.44 Wednesday.

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Apple's rise, by contrast, is powered by its mammoth sales and profits, which are growing at rates unheard of for a company its size. 

Yet few companies in the index grow their earnings as fast as Apple does: In its latest quarter, its earnings rose 118 percent from a year ago, to $13.06 billion.

Last week, CEO Tim Cook told shareholders at the annual meeting that the company has more money than it needs, and the board and management are thinking "very deeply" about ways to use the cash.

Former CEO Steve Jobs, apparently haunted by the company's lean years in the 90s, had a policy of accumulating cash. The company now sits on $97.6 billion.

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How has Apple managed to amass so much profit and cash? Perhaps by paying pennies on the dollar for slave labor in China at Foxconn's inhuman manufacturing machine? Keeping costs down is what drives profit margins up, as we all know.

So, good for you Apple! Enjoy all those billions of dollars and try to forget that it was created by the literal blood, sweat and tears of workers in China - some as young as 13 years old.

God is not blind to your exploitation of these people. He will judge you and America for her greed. 

We pray for mercy on you and on this selfish, arrogant nation.