Apple back as world most valuable company

Date:

Share post:

Apple once again became the world’s most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.

Its shares (AAPL.O), opens new tab jumped nearly 4% to a record $215.04, giving it a market valuation of $3.29 trillion.

Microsoft’s (MSFT.O), opens new tab market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.

“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 are going to be integrated into the upcoming iPhones made it very apparent that there will clearly be demand for a significant upgrade cycle.”

The tech giant has trailed rivals such as Microsoft and Google-owner Alphabet (GOOGL.O), opens new tab in the red-hot field of AI, a reason why its shares underperformed this year compared to its peers.


Some of the concerns over its weak share performance, however, eased after Apple beat market expectations for quarterly results and forecast in May, and unveiled a record $110 billion buyback plan.

Apple’s shares have risen about 12% so far in 2024, while Microsoft has added about 16% and Alphabet nearly 28%.

AI chip leader Nvidia (NVDA.O), opens new tab, which briefly overtook Apple’s market value last week, is up a whopping 154% this year.

Nvidia last had a market value of $3.11 trillion.

Tesla (TSLA.O), opens new tab is the only other ‘Magnificent Seven’ stock that has fared worse than Apple this year, with an about 30% slide.

Related articles

“The 10 Commandments for Sustainable National Cybersecurity Development” book launched

“The 10 Commandments for Sustainable National Cybersecurity Development,” a book which offered valuable insights into enhancing national cybersecurity...

Design solution to solve Ghana’s problems – Graduates urged

Mr. Samuel Amanor, Founder and President, BlueSPACE Africa, has urged graduates to design solutions to tackle Ghana’s problems.  He...

Ashai Odamtten: “24-Hour Economy will be game changer”

Mr. Isaac Ashai Odamtten, the Member of Parliament for Tema East and parliamentary candidate for the National Democratic...

Fatawu Issahaku out for 6-9 months after successful surgery

Ghana international Abdul Fatawu Issahaku has successfully undergone surgery to address an injury sustained during Ghana’s Africa Cup...