Apple Beats Microsoft, Becomes World’s Most Valuable Company
Apple has reclaimed its position as the world’s most valuable company, surpassing Microsoft. On Wednesday, Apple’s shares rose by over 2%, reaching $211.75 and resulting in a market valuation of $3.25 trillion. Meanwhile, Microsoft’s market capitalization fell to $3.24 trillion, placing it behind Apple for the first time in five months.
Apple’s stock experienced a notable surge following the company’s unveiling of AI-enabled features and software enhancements for its devices. Analysts believe these innovations will drive increased iPhone sales. The announcement was made during Apple’s annual developer conference on Monday, where CEO Tim Cook and other executives showcased a range of improvements. Key highlights included enhanced interaction capabilities for Siri, which now offers improved integration with messages, emails, calendars, and third-party apps.
Apple’s recent performance has shown notable improvement despite lagging behind competitors such as Microsoft and Alphabet in the AI sector. In 2024, Apple’s shares increased by approximately 10 percent, compared to a 16 percent rise for Microsoft and a n for Alphabet.
Concerns over Apple’s relatively weaker share performance have eased following the company’s surpassing of market expectations for its quarterly results and forecast in May. This positive momentum was further bolstered by the announcement of a record $110 billion buyback plan.
AI chip leader Nvidia, which briefly surpassed Apple’s market value last week, has seen its shares soar by 144 percent this year, resulting in a market value of $3.06 trillion. Meanwhile, Tesla, another member of the ‘Magnificent Seven,’ has experienced a decline of more than 30 percent, underperforming Apple in 2024.
