The Apple doesn’t fall far from the money tree. Apple (AAPL) just followed up its record fourth quarter profits, and the 74.5 million iPhones they sold last quarter, by becoming the first American company with a market value above $700 billion.

Yahoo Finance Editor-in-Chief Aaron Task says Apple’s CEO Tim Cook deserves a lot of the credit. “The value of this company has doubled since he took over as CEO under the shadow of Steve Jobs. Soon after that he came under a lot of criticism. There were people saying that he had a year left because there was that period where Apple wasn’t innovating anymore and Samsung was eating their lunch and maybe Tim Cook was going to be out of the job. I think, hopefully those people have been silenced and realize that they were dead wrong.”

Apple detractors also thought consumers in China wouldn’t buy pricey iPhones, Cook proved them wrong on that as well. Apple’s revenue in China grew an astounding 70% last quarter to $16.1 billion. Cook credits solid iPhone 6 sales in China as one of the biggest reasons his company is thriving.

The successful execution of the iPhone 6 roll out and its future potential places Apple in a very favorable position. A new report from investment firm Cannacord Genuity says Apple has captured 93 percent of mobile profits. “They are gaining more profit share in the mobile world. So even as Android is taking more of the share of the mobile market, Apple is eating up all the profits. It’s phenomenal execution and you have to tip your hat to Tim Cook and his whole executive team for what they’ve done here,” says Task.

Moving forward, Apple will have to prove that their success isn’t contingent on just one product. Task says this is a major challenge for any company. “Google (GOOG) for a long time was all search and people said they couldn’t do anything else.” Task adds that critics doubted Google could turn a profit on many of their ventures but that YouTube actually turned out to be very profitable for the company.

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Apple might not have anything that can match the global triumph of the iPhone but they’re still innovating and turning profits elsewhere. “Apple still makes a lot of money on iTunes not as much as they used to on the store itself. Maybe its music, maybe they have something up their sleeve with Beats that we haven’t figured out yet that they really feel they can monetize,” says Task.

As far as Apple’s potential to reach a trillion dollar value, Task thinks the verdict is still out on that. “It’s still a big jump from here. You can see it from here but its still a long way away. The watch would have to be a phenomenal product. They would have to finally come up with a TV product that is a mass-market consumer product. You can see it in the distance, I don’t know if they can get there”

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