On Wednesday, Apple’s market capitalization reached $3.33 trillion, just ahead of Microsoft’s $3.26 trillion.
By Johnson Atoukudu
Apple has reclaimed its position as the world’s largest public company, surpassing Microsoft, which had held the top spot since January.
On Wednesday, Apple’s market capitalization reached $3.33 trillion, just ahead of Microsoft’s $3.26 trillion.
According to Forbes, this resurgence is due to a 5% rise in Apple’s stock on Wednesday, continuing a 7% rally over two years. Apple’s valuation has increased by more than $350 billion since the market closed on Monday, a figure comparable to the entire market cap of Bank of America, the world’s 30th-largest company.
Microsoft shares also rose by 1% on Wednesday to hit an all-time high, contributing to a broader market rally as the S&P 500 set another record.
Apple is now the most valuable company ever, surpassing its own and Microsoft’s previous records of over $3.2 trillion.
On Monday, Apple announced a suite of AI features for iPhones, including the integration of OpenAI’s ChatGPT chatbot into Siri.
Interestingly, OpenAI’s for-profit arm is partially owned by Microsoft, intertwining the fortunes of these two tech giants.
Following a slight dip on Monday after the “Apple Intelligence” debut, Apple stock surged due to Wall Street’s enthusiasm about potential iPhone sales increases.
Together with Microsoft and Nvidia, Apple is leading a broader tech rally driven by optimism surrounding advancements in artificial intelligence.
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