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Apple overtakes Microsoft to return as world's most valuable company

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:Apple once again became the world's most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.Its shares rose more than 2 per cent to $211.75, giving it a market valuation of $3.25 trillion.

FILE PHOTO: Apple CEO Tim Cook attends the annual developer conference event at the company's headquarters in Cupertino, California, U.S., June 10, 2024. REUTERS/Carlos Barria/File Photo:Apple once again became the world's most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.

Apple shares had surged to an all-time high in the previous session, a day after it unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales. The tech giant has trailed rivals such as Microsoft and Google-owner Alphabet in the red-hot field of AI, a reason why its shares underperformed this year compared to its peers.

Some of the concerns over its weak share performance eased after Apple beat market expectations for quarterly results and forecast in May, and unveiled a record $110 billion buyback plan.

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