ANOTHER week and another record falls to Apple. On February 10th shares in the world-renowned electronics company closed at just over $122 each, making the firm the first publicly-quoted American firm to achieve a market capitalisation of more than $700 billion. That propels it to a valuation way above the next-biggest company on the list, Exxon Mobil, an oil firm with a valuation of about $380 billion. But can Apple maintain the startup-like rates of growth in revenues and profits that have driven it this far?

Tim Cook, Apple’s boss, thinks it can. Asked the question at a technology conference on the day that his firm broke the $700-billion mark, Mr Cook said the belief that huge companies inevitably find it hard to keep growing at rates more commonly associated with sprightly small ones was “old dogma”. And he pointed out that Apple’s sales are rising incredibly fast in China, a vast market in which the firm boasted revenues of $38 billion in 2014, up from $1 billion a few years ago.

The potential in China is certainly huge. But much will also depend on Apple’s ability to create new, money-spinning products to add to its existing panoply of shiny iGadgets. In April it is due to start selling a much-hyped smart watch that lets wearers read emails, send messages and download apps that enhance its usefulness. Will this be another stunning success too? Only time will tell.

(The Economist)