Apple shares broke $500 for the first time on Monday, jumping 25 percent in six months after the hot tech stock passed the $400 mark in July.
The stock opened at $499.53, immediately jumped to $501 and continued to hover around the $500 mark in morning trading. As of 10:30 a.m., the stock was trading around $498 per share.
The tech stock has been steadily climbing, seeing a boost ahead of the rumored release of the iPad 3 in early March.
In its last quarter, Apple reported record quarterly revenue and earnings after a strong holiday season.
Sales of iPads were up 111 percent over the same period last year; sales of iPhones were up 128 percent over the previous year. Mac sales were also strong, up 26 percent over the previous year, with 5.2 million sold.
The Cupertino, Calif., company is worth more than $460 billion and has an astonishing $97.6 billion in cash. In January, Apple executive Peter Oppenheimer said that the company is looking for ways to use that cash, promising that Apple won’t let it “burn a hole in our pockets.”