Apple Briefly Becomes World’s Most Valuable Company After Stock Surge

Apple
Photo by Trac Vu on Unsplash

Tech giant Apple briefly became the world’s most valuable company following a stock surge on Wednesday. Apple’s market cap reached $3.33 trillion, surpassing Microsoft’s $3.26 trillion market capitalization. However, by the time the trading closed, Microsoft emerged on top once.

Apple’s shares have been rising in recent days amid the announcement of artificial intelligence features that will be part of iOS 18. Dubbed Apple Intelligence, these features will be integrated into iPhones and other Apple devices and help users proofread text, record calls, and prioritize notifications while also providing them with AI-generated emojis.

Furthermore, the company announced its plans to integrate OpenAI’s ChatGPT chatbot into its virtual assistant Siri. Apple Intelligence has caused excitement among investors and analysts, who believe that the new features will drive the sale of Apple devices, especially since the AI features will be restricted to newer models.

“Restricting Apple Intelligence to iPhones sold within the last year adds to our conviction that AI can help kick off an iPhone super cycle,” Evercore analysts wrote in a recent note sent to clients.

Apple’s stock opened at $197.23 per share on Monday and went on to jump to $219.75 at one point on Wednesday. By the end of the day, the stock settled at $213.07 per share, being 14.78% up year to date.

Brian D
Brian loves music and tries to go to a music festival every summer. When he's not listening to music, he writes about movies, food, art, and anything newsy.