On Wednesday, Apple once again became the most valuable company in the world, displacing Microsoft from the top position. The Cupertino-based company has moved ahead in the race for dominance in technologies of artificial intelligence.
Apple's stock price jumped by almost 4% to a record $215.04, leading to the company's market capitalization of $3.29 trillion. At the time of preparing this material, these figures had increased to $217.31 and $3.33 trillion, respectively. Meanwhile, Microsoft's market capitalization stood at $3.24 trillion, yielding the top spot to Apple for the first time in five months.
The rise in stock value comes as the Nasdaq index reaches a record level due to new signs of inflation cooling.
Apple's shares rose by over 7% during the previous session — a day after the company unveiled a range of artificial intelligence-supported features and enhanced software for its devices at the WWDC conference. Several analysts believe that this move will boost iPhone sales.
“All the questions about Apple lagging behind in terms of artificial intelligence technology were answered at the Worldwide Developers Conference,” said Michael James, managing director of stock trading at Wedbush Securities in Los Angeles.
Apple trails behind competitors like Microsoft and Google in the heated field of artificial intelligence, which is why this year its shares had slightly lower prices compared to competitors.
However, some concerns about weak stock performance subsided after Apple exceeded market expectations for quarterly results and forecasts in May and announced a record $110 billion buyback plan. In 2024, Apple's shares rose by about 12%, while Microsoft gained around 16% and Alphabet nearly 28%. But they all fall far short of the pace of Nvidia's stock price growth, which surged by a colossal 154% this year, with the company's market capitalization reaching $3.11 trillion, briefly surpassing Apple's market value last week.
Source: reuters
Comments (0)
There are no comments for now