Apple has reclaimed its title as the world’s most valuable company, surpassing Microsoft on Wednesday. The tech giant’s shares rose over 2% to $211.75, resulting in a market valuation of $3.25 trillion, while Microsoft’s market capitalization fell behind at $3.24 trillion. This shift in ranking comes after Apple unveiled new AI-enabled features and software enhancements at its annual developer conference.
During the conference, Apple CEO Tim Cook and other executives showcased how Siri, the voice assistant, would now be able to interact with messages, emails, calendars, and third-party apps. Analysts are optimistic that these advancements will boost iPhone sales, a market where Apple has been lagging behind its competitors in AI technology. Despite this underperformance in the stock market this year, the company surpassed market expectations for quarterly results and announced a record-breaking $110 billion buyback plan in May. Investors were reassured by these developments even as rivals like Nvidia – the AI chip leader – briefly surpassed Apple’s market value last week with a remarkable 144% increase in value this year.
The rise of Tesla is the only stock among the ‘Magnificent Seven’ stocks that has performed worse than Apple in 2024, with a decline of more than 30%. The importance and influence of Apple in the tech industry are evident once again as it drives excitement and confidence among investors worldwide.
