Apple briefly regained its position as the world’s most valuable company on Wednesday, surpassing Microsoft. The tech giant’s advancements in artificial intelligence (AI) technology played a significant role in this achievement. Apple closed with a market value of $3.267 trillion, slightly trailing Microsoft’s $3.278 trillion.
The surge in Apple’s stock price, which reached a record $215.04 – a nearly 4% increase, elevated its market valuation to $3.29 trillion. This marked the first time in five months that Microsoft fell behind Apple in terms of market capitalization. The rise in Apple’s stock was aligned with Nasdaq reaching a record high amid signs of cooling inflation.
At Apple’s annual developer conference, CEO Tim Cook and other executives showcased how the voice assistant Siri would interact with various applications, including messages, emails, and calendars, using advanced AI technology. This unveiling answered previous concerns about Apple lagging behind in AI innovation and is expected to drive iPhone sales in the upcoming period.
Historically, Apple has faced challenges in the AI field compared to competitors like Microsoft and Alphabet, affecting its stock market performance. However, recent positive developments, including surpassing market expectations in quarterly results, announcing a record $110 billion buyback plan, and unveiling new AI features, have instilled confidence in investors and analysts. Apple’s shares have risen about 12% in 2024, trailing behind Microsoft and Alphabet with gains of around 16% and 28%, respectively.
