This follows the unveiling of its audacious Artificial Intelligence aspirations, along with a strategic alliance with OpenAI, a front-runner in the AI race.
Apple’s stock surged by about 4% to a record high of $215.04, placing it much ahead of Microsoft, according to Reuters.
With a market valuation of $3.24 trillion, Microsoft surpassed Apple for the first time in the previous five months.
A day after the company introduced several AI-enabled features and software upgrades for its devices, Apple shares had gained more than 7% in the previous session. Several analysts predicted that this move would boost iPhone sales.
Executives, including CEO Tim Cook, highlighted how speech assistant Siri would be able to interact with messages, emails, calendars, and third-party apps during Apple’s annual developer conference on Monday.
The Tech giant’s stock underperformed this year compared to rivals because it lagged in the field of artificial intelligence compared with competitors like Microsoft and Alphabet, the owner of Google.
Reuters reports that Apple’s stock has increased by roughly 12% so far in 2024, while Microsoft’s and Alphabet’s have increased by roughly 16% and 28%, respectively.
Apple also recorded another milestone on Wednesday as it became the first brand to cross $1 trillion in brand value in a global ranking by Kantar’s BrandZ.
For the third consecutive year, the iPhone manufacturer was ranked as the most valuable brand in the world in 2024, with Google Alphabet coming in second at $753 billion and Microsoft at $713 billion, according to the survey.
Apple debuted new AI features earlier this week, which are anticipated to boost demand for iPhones and stop the device’s sales slide caused by erratic consumer spending and resurgent tech rivals. The iPhone is Apple’s best-selling product.
