Apple has reclaimed its position as the world’s largest public company, overtaking Microsoft, which had held the title since January. On Wednesday, Apple’s market capitalization reached $3.33 trillion, narrowly surpassing Microsoft’s $3.26 trillion.
According to Forbes, Apple’s resurgence was driven by a 5% increase in its stock price on Wednesday, continuing a two-year best rally of 7%. This growth has added more than $350 billion to Apple’s valuation since Monday’s market close, an amount comparable to the entire market cap of Bank of America, the world’s 30th-largest company.
Microsoft’s shares also saw a 1% increase on Wednesday, hitting an all-time high and contributing to a broader market rally, with the S&P 500 setting another record.
Apple is now the most valuable company ever, surpassing its own and Microsoft’s previous records of over $3.2 trillion. On Monday, Apple announced new AI features for iPhones, including the integration of OpenAI’s ChatGPT chatbot into Siri. Notably, OpenAI’s for-profit arm is partially owned by Microsoft, intertwining the fortunes of these two tech giants.
After a slight dip on Monday following the “Apple Intelligence” announcement, Apple stock surged due to Wall Street’s enthusiasm about the potential for increased iPhone sales.
Together with Microsoft and Nvidia, Apple is leading a broader tech rally fueled by optimism surrounding advancements in artificial intelligence.