SAN FRANCISCO (MarketWatch) — Apple Inc. shares may be too hot for their own good.

The stock has steadily climbed since the beginning of the year, making it among the top performers in the market year to date. But its phenomenal success has also put it right in the heart of “extreme overbought” territory, triggering fears that Apple shares are ripe for a major correction, according to Bespoke.

“It’s currently at the very top of its uptrend channel, so we would expect some sort of ‘cool-off’ period to begin soon,” Bespoke said in its analysis.

Bespoke

Apple AAPL, -3.17% has rallied 20% so far this year. It’s up 9% since Feb. 10 when it became the first company in the world with a market cap of $700 billion. Since then, the iPhone maker has tacked on $75 billion -- a little more than what eBay Inc. EBAY, -0.06% is worth -- for a market cap of $775 billion.

As of Tuesday, Apple is not only twice as valuable as Exxon Mobil Corp. XOM, -1.61% but it is also worth more than Exxon and Microsoft Corp. MSFT, -1.24% combined. Exxon checked in with a market cap of $377 billion while Microsoft came in at $362 billion.

At the rate it’s going, Apple’s market cap may even top $900 billion in a few months, according to Wall Street.

Apple’s rise has been nothing short of meteoric in the past few years. Since the first quarter of 2009 when the U.S. stock market plunged to multi-year lows, Apple has surged 785%, FactSet data show. During the same five years, the market cap of the U.S. stock market rose about 120% to $19.4 trillion, according to analysts at Bank of America Merrill Lynch in a recent report.

Of course, Apple fan and major investor Carl Icahn argues the market is undervaluing Apple. He said earlier this month that the stock is worth $216 a share, which would give it a market cap of $1.3 trillion.