In a race to dominate the artificial intelligence (AI) technology landscape, tech giant Apple has again emerged as the world’s most valuable company, dethroning longtime rival Microsoft.
Apple’s shares jumped nearly 4% to a record $215.04, giving the iPhone maker a market capitalization of $3.29 trillion. This surge pushed Apple past Microsoft, whose market valuation was $3.24 trillion.
The shift in the top spot comes as the Nasdaq hit a record high, fueled by fresh signs of cooling inflation. Apple’s recent annual developer conference saw the company showcase its advancements in AI, including how its voice assistant Siri would be integrated across various apps and functionalities.
“All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. “Some of the specifics about AI capabilities that will be integrated into the upcoming iPhones made it apparent that there will be demand for a significant upgrade cycle.”
The battle for dominance in the tech industry continues, with Apple and Microsoft vying for the top position. While Apple has reclaimed the crown, Microsoft has also seen a strong performance this year, with its shares rising around 16%. Alphabet, the parent company of Google, has surged nearly 28% in 2024, while Nvidia, which briefly overtook Apple’s market value last week, has seen an impressive 154% jump.
The shifting landscape in the tech sector reflects the industry’s constant evolution and the race to stay ahead of the curve, particularly in the rapidly advancing field of artificial intelligence.
