Apple briefly tops Microsoft as world’s most valuable company on heels of AI push
NY Post
Apple briefly dethroned Microsoft as the world’s most valuable company on Wednesday, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.
Its shares jumped more 4% to an intraday record of $220.20. The stock closed at $213.07, giving it a market valuation of $3.27 trillion.
Microsoft’s market capitalization stood at $3.28 trillion. It fell behind Apple in intraday trading Wednesday for the first time in five months.
The stock surge comes as the tech-heavy Nasdaq hit a record high on fresh signs of cooling inflation.
Apple shares had added more than 7% in the previous session, a day after it unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales.
At Apple’s annual developer conference on Monday, executives, including CEO Tim Cook, touted how voice assistant Siri would be able to interact with messages, emails, calendar as well as third-party apps.
