Tim Cook's big day: Apple hits $700 billion

Jessica Guynn | USA TODAY

Show Caption Hide Caption Apple's Tim Cook is first CEO of a $700B company Apple CEO Tim Cook fielded questions from Goldman COO Gary Cohn as Apple market value reached a record $700 billion. The company will be investing $850 million in a new solar farm and doubling its Chinese Apple stores.

SAN FRANCISCO — By any measure, it was an epic day for Tim Cook.

On Tuesday he was sitting on stage being interviewed by Goldman Sachs President Gary Cohn when Apple became the first U.S. company to close at more than $700 billion in market value.

"You will always remember exactly where you were," Cohn said to Cook.

The milestone caught the attention of the financial world, some of whom had flocked to the Goldman Sachs Technology and Internet Conference in San Francisco to hear Cook speak on a wide range of subjects, from the growth possibilities in China to the upcoming Apple Watch.

Ears perked up when Cook said Apple (TICKER: AAPL) would announce distribution plans on its quarterly earnings call in April. Apple has been pressured by activist Carl Icahn to return more of its nearly $180 billion cash-and-investments stockpile to shareholders.

But Cook also made headlines with what he called Apple's "biggest and boldest project ever."

Apple has formed a partnership with First Solar (TICKER: FSLR) to build an $848 million, 1,300-acre solar farm in Monterey County, Calif., to power its headquarters, data center in Newark, Calif., all Apple offices and 52 Apple stores in California.

The solar farm will result in significant energy cost savings for Apple, Cook said.

"We know at Apple that climate change is real. Our view is that the time for talk is past, and the time for action is now," Cook said.

The solar project is part of the California Flats project on Hearst's 73,000-acre Jack Ranch in Monterey County and may be one of the largest ever built for a commercial user. It will add 130 megawatts of new solar power to California, enough to power about 50,000 California homes.

The move comes as Cook more firmly than ever puts his imprint on the company famous for being founded and run by the late Steve Jobs.

The socially conscious Cook has set himself apart from Jobs by focusing on making smart business decisions that are also good for the environment and for the advancement of society.

While on stage, Cook noted the lack of women in the audience at the financial conference.

"I see too many men in this audience," Cook said. "There needs to be a lot more women and diversity."

But Cook also paid homage to the thinking of Jobs, who pushed Apple to make only the best products.

"We're not focused on the numbers. We're focused on the things that produce the numbers," Cook said.

That includes the Apple Watch, which Cook said he wears every day and showed off on stage. Cook predicted people will be surprised by "the breadth of what it can do."

The numbers outshone the products on Tuesday as Apple stock rose, closing up 1.9% to $122.02.

Apple is coming off a record-breaking last quarter, fueled by stunning demand for the first larger-display iPhones.

Even as Apple's success thrusts Cook into an even brighter spotlight, the question remains: Can Apple keep up the growth?

Cook said yes.

"We don't believe in laws like the law of large numbers," Cook said. "Steve ingrained in us that putting limits on your thinking is never good."