Apple once again became the world’s most valuable company on Wednesday, overtaking Microsoft from the top spot, as the iPhone manufacturer pushed ahead in a race to dominate artificial intelligence technology.
Its shares according to Indian Express rose more than 2% to $211.75, giving it a market valuation of $3.25 trillion.
While Microsoft’s market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.
Apple shares had surged to an all-time high in the previous session, a day after it launched a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales.
Though, Apple has lagged behind competitors like Microsoft and Google in AI development, its recent announcements of AI-enabled features and software enhancements for its devices are expected to boost iPhone sales and improve its competitive position in the AI market.
At Apple’s annual developer conference on Monday, CEO Tim Cook and other executives highlighted Siri’s improved capabilities, including its ability to interact with messages, emails, calendars, and third-party apps.
Despite concerns over its share performance earlier this year, Apple’s shares have risen about 12% in 2024, while Microsoft and Alphabet (Google’s parent company) have seen increases of about 16% and nearly 28%, respectively.
In addition to its market success, Apple has also retained its position as the world’s most valuable brand for the third consecutive year in 2024, according to Kantar’s BrandZ ranking, with a brand value exceeding $1 trillion. Google and Microsoft followed closely behind with brand values of $753 billion and $713 billion, respectively.
