iPhone maker, Apple has become the world’s most valuable company after overtaking Microsoft as its market valuation hit $3.29 on Wednesday.
This comes two days after the company announced Artificial Intelligence (AI) plans with a strategic partnership with one of the leaders in the AI world, OpenAI.
A Reuters report said Apple’s shares jumped nearly 4% to a record $215.04, giving it a huge leap ahead of Microsoft.
Microsoft’s market capitalisation stood at $3.24 trillion, falling behind Apple for the first time in five months.
Apple shares, on its part, added more than 7% in the previous session.
The tech giant has trailed rivals such as Microsoft and Google-owner Alphabet in the 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 also unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales.
At Apple’s annual developer conference on Monday, executives, including CEO Tim Cook, touted how voice assistant Siri would be able to interact with messages, emails, calendars as well as third-party apps.
Reuters further revealed that Apple’s shares rose about 12% so far in 2024, while Microsoft has added about 16% and Alphabet nearly 28%.
Meanwhile, Apple also recorded another win on Wednesday as it became the first brand to cross $1 trillion in brand value in a global ranking by Kantar’s BrandZ.
The report also shows that the iPhone maker retained its crown as the world’s most valuable brand for the third straight year in 2024, followed by Alphabet’s Google at $753 billion and Microsoft at $713 billion.
