CIOInsider India Magazine
Apple Regains the Top Spot as the World's Largest Business
Apple retains the top spot surpassing Microsoft as the largest business in the world based on stock price.
The iPhone maker is on a swing on Wall Street post its launch of AI technologies at its annual developers conference starting this week.
Starting this year, Apple lost its footing in the top spot while investors cheered on Microsoft's release of new generative AI products under its Copilot brand. At the time, Apple took some time to develop its AI strategy.
Apple's market value was $3.33 trillion at 15:30 GMT, while Microsoft's was $3.26 trillion.
Currently, Apple made public its Apple Intelligence, a new AI platform which is expected to rolled out over time in an update to the iOS 18 operating system.
It is said that the technology will solely be supported by Apple's most expensive equipment, and could require customers to shell out more money to take advantage of the AI.
Although analysts were observed to express different opinions at first, they have come to expect that the iPhone's new capabilities will spur the company's 1.5 billion users to update their devices to use the AI capabilities.
This news was announced at Apple's annual developer conference, when CEO Tim Cook and other executives showcased several enhancements, such as Siri's improved messaging, email, calendar, and third-party app interaction capabilities.
In the AI space, Apple is still trailing competitors like Microsoft and Alphabet, but lately, its performance has improved.
In comparison to Microsoft's sixteen percent increase and Alphabet's nearly twenty-eight percent gain, its shares have climbed by roughly ten percent in 2024.
When Apple announced a record $110 billion buyback plan in May and beat market expectations for both its quarterly earnings and forecast, worries about the company's poorer share performance subsided.
Leader in AI chips Nvidia saw its shares jump by 144% this year, with a market value of $3.06 trillion. It temporarily surpassed Apple's market value last week. Performing worse than Apple this year, Tesla, one of the 'Magnificent Seven,' has seen a loss of over thirty percent.
This news was announced at Apple's annual developer conference, when CEO Tim Cook and other executives showcased several enhancements, such as Siri's improved messaging, email, calendar, and third-party app interaction capabilities.
