Apple reclaimed its position as the world’s most valuable company, overtaking Microsoft. Apple’s shares soared nearly 4% to a record $215.04, boosting its market valuation to $3.29 trillion, surpassing Microsoft’s $3.24 trillion.
The surge followed Apple’s unveiling of AI-enabled features and software enhancements, which analysts believe will drive iPhone sales. This development, announced at Apple’s annual developer conference, included improvements to Siri, enabling it to interact with messages, emails, and third-party apps.
“Apple addressed AI technology concerns at the Worldwide Developers Conference, indicating a strong demand for the upcoming iPhones,” said Michael James of Wedbush Securities.
Despite trailing Microsoft and Alphabet in AI, Apple’s shares have risen about 12% in 2024. The company had previously announced a $110 billion buyback plan and beat quarterly results expectations in May.
AI chip leader Nvidia briefly surpassed Apple’s market value last week but is currently valued at $3.11 trillion. Tesla is the only major tech stock performing worse than Apple this year, down about 30%.
