Apple has once again become the world’s most valuable company, surpassing Microsoft. Apple’s market value is now $3.29 trillion, slightly higher than Microsoft’s $3.24 trillion. This is the first time in five months that Apple has been on top.
Apple’s stock jumped nearly 4% to a record $215.04, thanks to its advancements in artificial intelligence (AI). These were showcased at Apple’s annual Worldwide Developers Conference (WWDC), where CEO Tim Cook and other executives highlighted the company’s new AI capabilities.
One key announcement was an upgrade to Siri, Apple’s voice assistant, which will soon be able to interact more easily with messages, emails, calendars, and third-party apps. This development addresses concerns that Apple was falling behind in AI technology.
Michael James from Wedbush Securities noted that the WWDC announcements showed Apple is making significant strides in AI, which is expected to drive demand for the next generation of iPhones.
So far in 2024, Apple’s shares have risen about 12%. By comparison, Microsoft’s shares have increased by 16%, Alphabet’s by 28%, and Nvidia’s by a whopping 154%. Tesla is the only major tech stock performing worse than Apple this year, with a nearly 30% drop.
Apple’s market value rise also coincides with a record high for the Nasdaq, influenced by signs of cooling inflation. This positive economic trend has helped boost the tech sector overall.
In summary, Apple’s focus on AI and strong stock performance have helped it reclaim the title of the world’s most valuable company, indicating a bright future for the tech giant.
