Apple surprising the market, Apple has reclaimed it’s position as the world’s most valuable company, surpassing Microsoft as it’s market valuation reached $3.29 trillion on Wednesday.
This milestone comes shortly after Apple announced it’s strategic partnership with OpenAI, a leader in the Artificial Intelligence (AI) field technology, indicating it’s commitment to advancing in AI technology.
According to a Reuters reporter, Apple’s shares a surged nearly 4% to a record $215.04, propelling it ahead of Microsoft by Satya Nadella, whose market capitalized stood at $3.24 trillion, falling behind Apple for the very first time in five months.
Apple’s shares had already risen more than 7% in the previous sessions, driven by positive market sentiment and strong quarterly result announced in May, where the company beat market expectations and unveiled a record $110 billion buyback plans.
While Apple has lagged behind competitor’s like Microsoft & Google in AI development, it’s recent announcements of AI-enabled features and software enhancements for it’s devices are expected to boost iPhone sales and improve it’s competitive position in the AI market.
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At Apple annual developer conference on Monday, CEO Tim Cook and the other executives highlighted Siri’s improved capabilities, including it’s ability to interact with messages, emails, calendars, and third-party application.
Despite concerns over it’s share performance earlier this year, Apple Company shares have risen about 12% in 2024, while Microsoft and Alphabet (Google’s parent company’s) have seen increase of about 16% and nearly 28%, respectively.
In addition to it’s market success, Apple has also retained it’s position as the world’s most valuable brand for the third consecutive year in 2024, according to Kantar’s BrandZ ranking and research, with a brand value exceeding $1 trillion worth. Google & Microsoft followed closely behind with brand values of $753 billion and $713 billion respectively.