Apple overtook Microsoft to regain its title as the world’s most valuable company.
Apple overtook Microsoft to regain its title as the world’s most valuable company, the latest sign of improving investor sentiment over its growth and position with artificial intelligence.
It closed with a market capitalization of $3.285 trillion , compared with Microsoft at $3.282 trillion . “I assume both Microsoft and Apple will be somewhat of a horse race for the foreseeable future with Nvidia also in contention.” The catalyst for the gains was Apple’s AI-focused Worldwide Developers Conference presentation on Monday, which fueled hopes that customers will pay up for the next generation of iPhones, spurring a long-awaited rebound in growth.“AI functionality is likely to drive a multi-year upgrade cycle from faster replacement, more switching, and ASP increases,” wrote Bank of America analyst Wamsi Mohan, referring to average selling prices.
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