Apple surpasses Microsoft as world's most valuable company
PUBLISHED
2024-06-13
Content
The great Apple charge continued Wednesday, with the company’s market value topping Microsoft’s for a while during trading, regaining the mantle as the world’s most valuable company.
The price jump came as investors realized that Monday’s AI announcement—now called Apple Intelligence—had been a masterstroke and not a flop. It was the first indication of how the company plans to integrate artificial intelligence across all its devices, held by more than 2 billion people around the world.
Apple shares closed higher, taking the combined gain on Tuesday and Wednesday to 10%.
This saw its market value vault to $3.34 trillion—the highest ever recorded for a listed company—before the shares faded in the final hour of trading to end up 2.8%, with a market value of $3.27 trillion, just behind Microsoft.
Microsoft shares rose nearly 2% on Wednesday, lifting its value to $3.28 trillion.
Shares in Nvidia were up 3.5%, with the market value topping $3.08 trillion.
Apple’s surge dragged the S&P 500 above the 5,400-point level for the first time ever.
Author
| Name | Glenn Dyer | Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey. |