Apple on Wednesday reclaimed its berth as the world’s biggest company when measured by stock price, taking back the top position from Microsoft.
The iPhone juggernaut is on a Wall Street tear following its announcements of AI features at its annual developers conference on Monday.
Apple, which had taken its time to draw up its AI strategy, lost the top spot in January as investors rewarded Microsoft’s unabashed rollout of new generative AI products under its Copilot brand.
At 1530 GMT, Apple’s market capitalization stood at $3.33 trillion compared to Microsoft’s $3.26 trillion. Both shares are traded on the Nasdaq exchange in New York.
The phone giant has unveiled a new AI platform called Apple Intelligence that will be gradually added to a new version of the iOS 18 operating system.
The technology will only be available on Apple’s highest-end hardware, forcing interested customers to pay premium prices to enjoy the AI.
Analysts, while lukewarm at first, have grown to believe that the iPhone’s new powers will motivate the company’s 1.5 billion strong user base to update their phones in order to take advantage of the AI powers.
“The delayed positive reaction from the Street on the Apple Intelligence news was investors starting to fully digest that the AI revolution will come through the consumer with an Apple device over the coming year,” said Wedbush Securities senior analyst Daniel Ives.
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