In a remarkable turnaround, Apple has reclaimed its position as the world's most valuable company, overtaking Microsoft for the first time in five months. The tech giant's market valuation surged to $3.29 trillion after its shares jumped nearly 4 percent to a record $215.04.
This achievement was largely driven by Apple's strategic push into artificial intelligence (AI) technology. At the recent Worldwide Developers Conference, CEO Tim Cook and other executives unveiled a suite of AI-enabled features and software enhancements for Apple devices. Notably, the voice assistant Siri was enhanced to interact more seamlessly with messages, emails, calendars, and third-party apps, signaling a significant upgrade cycle for iPhone users.
Michael James, managing director of equity trading at Wedbush Securities, remarked, \"All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference.\" He added that the new AI capabilities are expected to drive strong demand for upcoming iPhones.
The surge in Apple's stock comes as the Nasdaq reached a record high, bolstered by signs of cooling inflation. Apple's shares have risen approximately 12 percent in 2024, alongside Microsoft’s 16 percent and Alphabet’s nearly 28 percent gains. In contrast, Tesla's stock has seen about a 30 percent decline this year.
Apple's robust performance is further supported by its recent quarterly results, which surpassed market expectations, and a substantial $110 billion buyback plan. These factors have alleviated earlier concerns about the company's share performance and reinforced investor confidence.
As Apple continues to invest heavily in AI and other innovative technologies, its leadership position in the tech industry appears more secure than ever.
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AI-powered Apple overtakes Microsoft as world's most valuable company
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