Apple regains pinnacle as world’s most treasured firm
Date
7/11/2024 8:07:27 AM
(MENAFN) Apple has once again secured its position as the world’s most valuable publicly traded company, surpassing a market capitalization milestone of USD3.5 trillion, according to Nasdaq data reported on Wednesday. The tech giant’s stock surged by 1.4percent, reaching nearly USD232 per share by 18:30 GMT, driving its market value to USD3.543 trillion—the highest ever recorded for any company.
This achievement marks a notable return for Apple, which previously held the record for the highest market cap at various milestones in recent years. Starting with its landmark USD1 trillion valuation in August 2018, Apple continued to break records by reaching USD2 trillion in 2020 and USD3 trillion in June 2023. Despite facing challenges earlier this year, including concerns over iPhone sales and competition from other tech giants, Apple managed to regain its leadership position from Microsoft, which briefly surpassed it in January.
The competition between Apple and Microsoft has been closely watched in financial markets, with both companies trading closely in terms of market cap over the past month. Apple’s recent surge in stock value followed the unveiling of its new suite of AI features branded as ‘Apple Intelligence’ on June 10. These enhancements, which include collaborations with OpenAI, are set to debut in the upcoming iOS 18 operating system and the highly anticipated iPhone 16.
Apple’s return to the top spot underscores its resilience and innovation in the fiercely competitive tech industry. The company’s ability to consistently introduce groundbreaking technologies and maintain robust financial performance has reaffirmed its status as a global leader in consumer electronics and software development.
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