Apple has dethroned its longtime rival Microsoft as the most valuable company in history – as it hit a stock market value of $622 billion .

Shares in Apple hit a new high of $664.75 cents this afternoon – amid rumors the tech giant is set to release new versions of its iPhone, iPad, and Apple TV devices.

It means Apple has now toppedhe record of nearly $619 billion set by Microsoft in 1999, during the .com boom years.