adminApple has reclaimed its position as the world’s most valuable company, surpassing Microsoft as its market valuation reached $3.29 trillion on Wednesday.
This milestone comes shortly after Apple announced its strategic partnership with OpenAI, a leader in the Artificial Intelligence (AI) field, indicating its commitment to advancing in AI technology.
According to a Reuters report, Apple’s shares surged nearly 4% to a record $215.04, propelling it ahead of Microsoft, whose market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.
Apple’s shares had already risen more than 7% in the previous session, driven by positive market sentiment and strong quarterly results announced in May, where the company beat market expectations and unveiled a record $110 billion buyback plan.
While 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.
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