Apple beats Microsoft to return as world's most valuable company. Reason: AI - Hindustan Times
close_game
close_game

Apple beats Microsoft to return as world's most valuable company. Reason: AI

Jun 13, 2024 10:37 AM IST

Microsoft's market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.

Apple once again became the world's most valuable company as it dethroned Microsoft from the top spot. The iPhone maker pushed ahead in a race to dominate artificial intelligence technology as the company's shares jumped nearly 4% to a record $215.04, giving it a market valuation of $3.29 trillion. Microsoft's market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months. This comes as Nasdaq hit a record high on fresh signs of cooling inflation.

Microsoft logo is seen on the smartphone in front of displayed Apple logo in this illustration taken.(Reuters)
Microsoft logo is seen on the smartphone in front of displayed Apple logo in this illustration taken.(Reuters)

Read more: Elon Musk had sex with a SpaceX employee, asked a woman to have his babies: Report

This comes as Apple's annual developer conference saw executives, including CEO Tim Cook, promote AI in the company. Announcements including how voice assistant Siri would be able to interact with messages, emails, calendar as well as third-party apps, were made.

Read more: Nvidia CEO Jensen Huang says he 'doesn't fire' employees, rather ‘keeps torturing them…’

Michael James, managing director of equity trading at Wedbush Securities in Los Angeles, said, "All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference. 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."

Read more: Chandrababu Naidu persuaded Bill Gates for Microsoft's Hyderabad office in just 40 minutes

How have Apple shares performed this year?

Apple's shares have risen about 12% so far in 2024, Microsoft added about 16% and Alphabet nearly 28%. Nvidia, which briefly overtook Apple's market value last week, is up a whopping 154% this year. Tesla is the only other 'Magnificent Seven' stock that has fared worse than Apple this year, with an almost 30% slide.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, July 17, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On