Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Apple tops Microsoft, regains title of world's most valuable company By: FOX Business June 12, 2024 at 15:15 PM EDT Apple's market value topped Microsoft's for the first time in five months, allowing the tech giant to reclaim the title of world's most valuable company after its stock rose on AI news. Apple reclaimed the title of the world's most valuable company from tech rival Microsoft during Wednesday's trading session, after the iPhone-maker unveiled new artificial intelligence (AI) initiatives this week.Apple stock rose by 5% to about $217.50 a share as of early Wednesday afternoon after its market valuation rose above $3.29 trillion earlier in the day's trading session. By comparison, Microsoft's market capitalization was $3.24 trillion, putting it behind Apple for the first time in five months.This comes after Apple shares gained more than 7% on Tuesday just one day after it unveiled a variety of new AI-enabled features for its devices.APPLE INTELLIGENCE TO BE BOON FOR FUTURE IPHONE SALES: ANALYSTSAt Apple's annual developer conference on Monday, executives including CEO Tim Cook touted how AI will help voice assistant Siri better interact with messages, emails, calendars and third-party apps.Market analysts praised the announcements, saying the new AI-enabled features will help drive iPhone sales and will boost the tech giant after it had been perceived as trailing behind its rivals in the AI race."All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.ELON MUSK BLASTS APPLE'S APPROACH TO AI, THREATENS TO BAN DEVICES IF OPENAI INTEGRATED INTO OPERATING SYSTEM"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," James added.These developments come after Microsoft and Alphabet, the parent company of Google, raced ahead of Apple in the AI space over the last year, which helped propel Microsoft's market cap above Apple's in recent months.APPLE UNVEILS 'APPLE INTELLIGENCE' AT THE WWDCAmong the so-called "Magnificent Seven" stocks, only Tesla has fared worse than Apple in 2024 so far, with the Elon Musk-led EV-maker seeing its stock slide by about 27% compared to Apple's 17% gain.Nvidia, the market leader in AI chips, briefly overtook Apple's market value last week and is up 161% year to date and has a $3.1 trillion market cap.GET FOX BUSINESS ON THE GO BY CLICKING HEREPrior to this week's announcements, Apple had eased concerns about its stock performance by beating market expectations for its quarterly results and forecast in May, and also unveiled a record $110 billion stock buyback plan.Reuters contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Apple tops Microsoft, regains title of world's most valuable company By: FOX Business June 12, 2024 at 15:15 PM EDT Apple's market value topped Microsoft's for the first time in five months, allowing the tech giant to reclaim the title of world's most valuable company after its stock rose on AI news. Apple reclaimed the title of the world's most valuable company from tech rival Microsoft during Wednesday's trading session, after the iPhone-maker unveiled new artificial intelligence (AI) initiatives this week.Apple stock rose by 5% to about $217.50 a share as of early Wednesday afternoon after its market valuation rose above $3.29 trillion earlier in the day's trading session. By comparison, Microsoft's market capitalization was $3.24 trillion, putting it behind Apple for the first time in five months.This comes after Apple shares gained more than 7% on Tuesday just one day after it unveiled a variety of new AI-enabled features for its devices.APPLE INTELLIGENCE TO BE BOON FOR FUTURE IPHONE SALES: ANALYSTSAt Apple's annual developer conference on Monday, executives including CEO Tim Cook touted how AI will help voice assistant Siri better interact with messages, emails, calendars and third-party apps.Market analysts praised the announcements, saying the new AI-enabled features will help drive iPhone sales and will boost the tech giant after it had been perceived as trailing behind its rivals in the AI race."All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.ELON MUSK BLASTS APPLE'S APPROACH TO AI, THREATENS TO BAN DEVICES IF OPENAI INTEGRATED INTO OPERATING SYSTEM"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," James added.These developments come after Microsoft and Alphabet, the parent company of Google, raced ahead of Apple in the AI space over the last year, which helped propel Microsoft's market cap above Apple's in recent months.APPLE UNVEILS 'APPLE INTELLIGENCE' AT THE WWDCAmong the so-called "Magnificent Seven" stocks, only Tesla has fared worse than Apple in 2024 so far, with the Elon Musk-led EV-maker seeing its stock slide by about 27% compared to Apple's 17% gain.Nvidia, the market leader in AI chips, briefly overtook Apple's market value last week and is up 161% year to date and has a $3.1 trillion market cap.GET FOX BUSINESS ON THE GO BY CLICKING HEREPrior to this week's announcements, Apple had eased concerns about its stock performance by beating market expectations for its quarterly results and forecast in May, and also unveiled a record $110 billion stock buyback plan.Reuters contributed to this report.