Apple
world’s most valuable company
! On Wednesday,
Apple
reclaimed its position as the world’s
most valuable company
, surpassing Microsoft. The iPhone maker’s shares increased by over 2% to reach $211.75, resulting in a market valuation of $3.25 trillion! For the first time in five months,
Microsoft
‘s market capitalization, at $3.24 trillion, is trailing Apple’s market cap.
According to a Reuters report, the surge in Apple’s shares to an all-time high came a day after the company unveiled a range of AI-enabled features and software enhancements for its devices at its annual developer conference.
Apple CEO
Tim Cook
and other executives highlighted how voice assistant Siri would be able to interact with messages, emails, calendar, and third-party apps. Several analysts believe that these advancements will drive
iPhone sales
.
Apple has lagged behind competitors such as Microsoft and Google-owner Alphabet in the rapidly growing field of AI, which has contributed to its underperformance in the stock market this year.
While Apple’s shares have risen by approximately 10% so far in 2024, Microsoft has gained about 16%, and Alphabet has increased by nearly 28%.
However, some concerns over Apple’s weak share performance were alleviated after the company exceeded market expectations for quarterly results and forecast in May, and announced a record $110 billion buyback plan.
Nvidia, the AI chip leader that briefly surpassed Apple’s market value last week, has experienced a remarkable 144% increase this year, with a market value of $3.06 trillion.
Among the ‘Magnificent Seven’ stocks, Tesla is the only one that has performed worse than Apple this year, with a decline of more than 30%.
