Just a little over three weeks ago, Google shares passed the $600 mark and analysts were speculating its shares could climb as high as $700 within the next year. Well, that milestone came a little earlier than expected, as the search giant's shares blew past the $700 mark today.

Google's shares were boosted amid speculation about its plan to develop a platform for mobile devices. According to The Wall Street Journal and Reuters, the search giant is in advanced talks with Verizon Wireless and Sprint Nextel for a possible line of Google-powered cell phones that could be announced within a couple of weeks.

The company itself has done little to quash these rumors, in effect confirming that it has big plans for the mobile sector. However, it is unclear how Google will partner with carriers, especially after the company's potential participation in the upcoming 700MHz auction and its lobbying for opening up the spectrum, something major wireless carriers strongly oppose to.