Apple takes back crown as globe`s most treasured firm
Date
7/15/2024 7:50:41 AM
(MENAFN) On Wednesday, Apple Inc. reaffirmed its status as the world's most valuable company, achieving a remarkable market capitalization exceeding USD3.5 trillion, as reported by Nasdaq. By 18:30 GMT, Apple’s stock was trading at nearly USD232 per share, representing a 1.4% increase and elevating its market cap to USD3.543 trillion—setting a new all-time high for any publicly traded company. This milestone surpassed the previous record held by Microsoft, which reached a peak market cap of USD3.475 trillion on July 5.
This recent achievement is not Apple's first brush with record valuations. The company made history in August 2018 by becoming the first to hit a USD1 trillion market cap, followed by reaching USD2 trillion in 2020 and USD3 trillion in June 2023. However, the journey to reclaiming the crown was not without challenges.
Earlier this year, Apple faced a tumultuous start, grappling with concerns over declining iPhone sales and intensified competition from other tech giants. These factors led to a series of analyst downgrades, resulting in Apple losing its title as the most valuable company to Microsoft in January. The two tech giants have been in close competition, with Apple briefly regaining ground in early June before falling back behind Microsoft.
Despite these setbacks, Apple shares began to rebound significantly following the company's announcement of new AI features, branded 'Apple Intelligence,' on June 10. This initiative includes a strategic partnership with OpenAI and will be integrated into the upcoming iOS 18 operating system and the much-anticipated iPhone 16.
The resurgence in Apple’s stock reflects investor confidence in the company’s ability to innovate and adapt in a rapidly changing tech landscape. As Apple continues to push forward with its AI initiatives and product developments, its leadership in the market underscores its pivotal role in the global technology sector.
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