Apple Reclaims Crown as World's Most Valuable Company, Fueled by AI
Tech giant Apple has once again ascended to the throne as the world's most valuable company. The company's stock has skyrocketed since unveiling new artificial intelligence features for its devices last month.
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According to Nasdaq data, Apple's market capitalization surpassed $3.5 trillion on Wednesday, July 10th, 2024. This shatters the previous record for any publicly traded company. With a share price hovering around $232, Apple's market cap reached a staggering $3.543 trillion.
Previously, the record belonged to Apple's rival, Microsoft, whose highest closing market cap stood at $3.475 trillion on July 5th. This isn't Apple's first time breaking valuation records. In August 2018, it became the first company to hit $1 trillion. Two years later, it repeated history as the first to reach $2 trillion, followed by $3 trillion last June.
However, Apple's stock faced a rough start to 2024. Concerns regarding iPhone sales weakness and competition from other tech giants triggered analyst downgrades. This led to Microsoft surpassing Apple and claiming the top spot in January, fueled by their aggressive rollout of AI features throughout the previous year.
But with the announcement of its own AI advancements, Apple appears to be back on top. Investors have responded positively to these new technologies, propelling the company's stock and once again solidifying its position as the world's most valuable company.
