On Wednesday, Apple exceeded the USD500 per share price for the first time since this year's January 23. The shares of Apple were up by 2.7% or USD13.16 to USD502.73 during mid-day trading.

The surge happened after billionaire investor Carl Icahn called the stock undervalued and convinced Apple to begin returning some of its cash to its venture capitalists. Optimism about the release of the latest iPhones and iPads also helped in bolstering the stock price rise.

Apple currently has USD150 billion in cash. Icahn said the stock value of Apple could reach USD700 each if the tech giant would use its cash to purchase its own stock.

However, the strong performance of Apple's stock was not enough to bring its former glory back. Apple's shares were still down by 5.4% in 2013. Furthermore, the present stock price is almost 30% lower than its all-time high set on September 19, last year of USD702.10.