Apple has clinched the title of the world's most valuable company, surpassing Microsoft once again.
During Wednesday's trading session, Apple's stock surged 2% to $211.75, pushing its market capitalization to $3.25 trillion.
In contrast, Microsoft's market capitalization fell to $3.24 trillion. This marks the first time in the past five months that Apple has overtaken Microsoft in market value.
Apple's stock is experiencing a surge due to several factors, including enhancements in AI-enabled features across its devices and software upgrades.
Analysts predict a significant increase in sales of Apple's iPhone, driven by these advancements. Apple CEO Tim Cook highlighted these developments during the company's annual developer conference on Monday, June 10th.
Despite trailing competitors like Microsoft and Alphabet in the field of artificial intelligence, Apple has shown improvement in recent times.
In May, Apple saw improvements in its quarterly results due to its $110 billion buyback plan and anticipated strong performance. Recently, after NVIDIA's stock surged by 144% this year, surpassing Apple in terms of market capitalization, Apple has been striving to maintain its competitive edge.
Meanwhile, the US stock market is trading positively during Wednesday's session, with the Dow Jones up by 92 points, the Nasdaq showing significant gains, and the index trading up by 1.85%. The S&P 500 is also trading with gains.