On Tuesday, Apple became the first U.S. company with a market value above $700 billion. TheStreet’s Jim Cramer says Apple is having a better year than anyone so why shouldn’t it get a higher price earnings multiple. Next stop is $750 billion, says Cramer. Apple’s market value eclipses that of all other companies including giants like Microsoft, for example, which is valued at $349 billion. Apple’s milestone, one that no other U.S. company has ever achieved, came after the tech giant announced it had partnered with First Solar to build a $850 million, 1,300-acre renewable energy farm in Monterey County, California. The farm will provide enough energy to power 60,000 homes.
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