Apple Dethrones Nvidia to Regain Its Position as World's Second Most Valuable Company Apple has reclaimed its spot as the second most valuable company in the world, overtaking Nvidia, with a market cap of $3.26 trillion.
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With a market cap of $3.26 trillion, Apple has resurfaced back to the number two spot in the race for the world's most valuable company. Trailing only to the software giant, Microsoft; Apple's stocks have risen since the company announced integration of AI into their operating system.
Earlier this month, Nvidia had surpassed Apple by reaching the $3 trillion mark and briefly becoming the second most valuable company in the world, behind only Microsoft. However, ever since Apple revealed their upcoming changes to their operating system, the company has seen a stark rise in its market value. Read more.
Following the announcements, Apple even overtook Microsoft to become the world's most valuable company – albeit – for a brief moment. Apple's market capitalisation reached $3.3 trillion by mid-morning on Wednesday (June 12), edging past Microsoft's $3.2 trillion. Despite fluctuations during the trading session, Microsoft ultimately emerged ahead at the end.
What fueled the stock market flame
Apple recently unveiled its latest advancements in AI technology at Worldwide Developers Conference (WWDC) 2024, signaling a significant leap forward for its ecosystem. The tech giant is set to infuse generative AI capabilities into its suite of built-in applications and upcoming iOS18. This integration promises to introduce innovative functionalities, including sophisticated writing tools and the creation of AI-driven emoji. Central to these enhancements is Apple's unwavering commitment to maintaining the highest standards of security and privacy for its users.
Microsoft is poised to reap the rewards of Apple's AI initiatives. Microsoft, a major investor of OpenAI, is set to benefit from this move, particularly as its Azure cloud offerings continue to surge in growth, propelled by the widespread embrace of OpenAI's cutting-edge models.
However, the AI initiative is not free from controversy as Tesla and SpaceX CEO, Elon Musk, declared Apple devices would be banned in his companies, if the integration happens. Read more.
