Apple reclaimed its position as the world’s most valuable company, surpassing Microsoft, on Wednesday. Apple’s shares rose over 2 per cent to $211.75, resulting in a market valuation of $3.25 trillion. In comparison, Microsoft’s market capitalization fell to $3.24 trillion, placing it behind Apple for the first time in five months.
The surge in Apple’s stock followed the company’s unveiling of AI-enabled features and software enhancements for its devices, which analysts believe will boost iPhone sales. This announcement came during Apple’s annual developer conference on Monday, where CEO Tim Cook and other executives highlighted improvements, including Siri’s enhanced interaction capabilities with messages, emails, calendars, and third-party apps.
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Despite lagging behind competitors like Microsoft and Alphabet in the AI sector, Apple’s recent performance has improved. Its shares have increased by about 10 per cent in 2024, compared to Microsoft’s 16 per cent rise and Alphabet’s nearly 28 per cent gain.
Concerns over Apple’s weaker share performance eased after the company exceeded market expectations for its quarterly results and forecast in May, coupled with the announcement of a record $110 billion buyback plan.
AI chip leader Nvidia, which briefly overtook Apple’s market value last week, has seen its shares soar by 144 per cent this year, with a market value of $3.06 trillion. Tesla, another member of the ‘Magnificent Seven,’ has experienced a more than 30 per cent decline, performing worse than Apple this year.
(With inputs from Reuters)
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Published: 12 Jun 2024, 08:00 PM IST
