By Shivaun Hales

Apple has seen its market capitalisation exceed $US 5oo billion for the first time, with shares rising on the news of the company’s up-coming iPad 3 release.

Apple revealed the iPad 3 will be launched on March 7, with investors anticipating the new device will deliver a sales boost. Apple is also expected to release a new iPhone by the third quarter.

Shares jumped 1.3% to US $542.44 at market close on Wednesday, bringing its market value to $505.8 billion. The company has increased 34% in 2012, now worth US $93.4 billion more than the world’s second-most-valuable business, Exxon Mobil Corp.

Apple knocked Microsoft from the top spot in May 2010 to become the largest US technology company in terms of market cap.

Apple is only the sixth U.S. corporation to reach the US $500 billion milestone, and the only one to be worth that much at current prices. Exxon held the US $500 billion position for just two short stretches at the end of 2007.

Apple stock has seen a steady rise over the past few years with the release of a several new products starting with the iPod in 2001, followed by the iPhone in 2007 and the iPad in 2010.

Apple continues its high after reporting record earnings, with net profit more than doubling in the first quarter of fiscal 2012 to a record US $13.06 billion while revenue reached an all-time high of US$46.33 billion.