Apple has reclaimed its position as the world’s largest company by market capitalization, surpassing Microsoft on Wednesday. This resurgence follows Apple’s announcements of new AI features at its annual developers conference earlier in the week.
At 1530 GMT, Apple’s market capitalization reached $3.33 trillion, edging out Microsoft’s $3.26 trillion. Both tech giants are traded on the Nasdaq exchange in New York.
Apple’s comeback in the stock market is attributed to its unveiling of a new AI platform called Apple Intelligence, which will be integrated into the upcoming iOS 18 operating system. Initially slow to reveal its AI strategy, Apple lost its top spot to Microsoft in January, as investors favored Microsoft’s rapid deployment of generative AI products under its Copilot brand.
Wedbush Securities senior analyst Daniel Ives commented, “The delayed positive reaction from the Street on the Apple Intelligence news was investors starting to fully digest that the AI revolution will come through the consumer with an Apple device over the coming year.”
The new AI technology from Apple will be available exclusively on its highest-end hardware, prompting consumers to upgrade their devices to benefit from the advanced features. Analysts believe this strategy could drive a significant portion of Apple’s 1.5 billion user base to update their iPhones.
Apple’s strategic partnership with OpenAI and the introduction of Apple Intelligence has bolstered investor confidence, fueling the company’s recent surge in market value.
