Technology company, Apple, has once again become the planet’s most valuable public company, muscling past Microsoft with a market capitalization of $3.29 trillion.
The iPhone maker’s stock soared nearly 4% to an all-time high of $215.04 on Wednesday, propelling it past Microsoft’s $3.24 trillion valuation. This marks the first time in five months that Apple has held the top spot.
The surge comes hot on the heels of Apple’s annual developer conference, where the company pulled back the curtain on ambitious plans to deeply integrate artificial intelligence across its devices and services.
From enhancing Siri to handle emails, messages and third-party app interactions, to rolling out generative AI capabilities, Apple made a definitive statement that it intends to be a dominant force in the white-hot AI space.
“All those questions about Apple lagging on AI were answered. The AI capabilities coming to iPhones make it clear there will be huge demand for upgrades,” Michael James, a trader at Wedbush Securities, said.
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The AI offensive appears to have galvanized investors, who had grown concerned as Apple’s stock languished this year compared to hard-charging AI leaders like Nvidia and Alphabet while missing out on the viral success of OpenAI’s ChatGPT.
But having long pioneered consumer AI with Siri’s 2011 debut before ceding ground, Apple now looks determined to regain its innovative edge – supercharging devices like the iPhone with generative AI smarts baked into their core experience.
With its brand value also surpassing $1 trillion this week, the resurgent Apple has reaffirmed its unrivaled ability to blend cutting-edge technology with mass market appeal. As AI emerges as the next battleground, the tech titan has staked its claim as the industry’s apex innovator.