Apple shares rose over 7% this week, briefly surpassing Microsoft in market value.
AI
June 19, 2024
This follows a jump on Tuesday after the company unveiled its artificial intelligence initiative, Apple Intelligence, at its developers conference.
Despite the recent rise, the company has been trailing the S&P 500 in 2024.
This lag is due to declining iPhone sales and concerns that Apple is falling behind other tech giants in the race for AI dominance. On Tuesday, it’s stock soared 7.3%, closing at $207.15.
With a market capitalization of $3.18 trillion, Apple is just behind Microsoft’s $3.22 trillion and ahead of Nvidia’s $2.97 trillion. These three companies are in a tight race to be the world’s most valuable company. Microsoft recently surpassed Apple in January, while Nvidia briefly overtook it last week.
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