Apple Reclaims Title as the World's Highest Valued Company

Following the announcement of new artificial intelligence capabilities for its devices, the stock of the technological giant has experienced a steep rise.

As per Nasdaq data, Apple, the behemoth US consumer electronics company, reclaimed its title as the world's most valuable company on Wednesday, boasting a market capitalization of over $3.5 trillion.

As of 18:30 GMT, Apple's stock rose by 1.4% to nearly $232 per share, catapulting its market cap to a record-breaking $3.543 trillion – the highest value ever attained by a publicly traded company. This surpasses the previous record set by its tech competitor, Microsoft, which had a peak market cap of $3.475 trillion on July 5.

Apple has quite a track of record-setting valuations. Back in August 2018, it was the first company to achieve a $1 trillion market cap, accomplishing the $2 trillion milestone two years later and striking $3 trillion in June of the previous year.

READ MORE: Apple no longer world's most valuable company

Apple's stock didn't start off the year smoothly due to worries about iPhone sales limitations and intensified competition from fellow tech giants, leading to several analyst downgrades. The tech behemoth temporarily lost its "world's most valuable company" status to Microsoft in January due to the latter's assertive integration of AI features throughout the preceding year. Over the past month, the two companies have been closely contesting in market cap, with Apple momentarily taking the lead in early June, but then falling back behind Microsoft.

Read More: Nvidia Becomes World’s Second-Most-Valuable Company

Yet, the tide turned for Apple when the firm introduced 'Apple Intelligence,' its suite of new AI capabilities, on June 10. These advancements, including a partnership with OpenAI, will be incorporated into the forthcoming iOS 18 operating system and the much-anticipated iPhone 16.

Wedbush Securities' senior analyst, Dan Ives, commented on Apple's robust performance during a CNBC conversation, stating that the recent AI updates could increase Apple's valuation to $4 trillion by next year.

"The stocks are reflecting what we already understand. Apple is currently standing on the pinnacle... With the introduction of Apple Intelligence, they hold the master key. This is the commencement of a fresh wave of growth. In a year's time, we could be looking at a $4 trillion market cap," Ives forecasted. He did, however, caution that Apple will likely face stiff competition from Nvidia and Microsoft to achieve this ambitious target.

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