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AI-powered Apple overtakes Microsoft as world’s most valuable company

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Surge comes as the tech-heavy Nasdaq hit a record high on fresh signs of cooling inflation

Its shares jumped nearly 4% to a record $215.04, giving it a market valuation of $3.29 trillion. Microsoft’s market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.

At Apple’s annual developer conference on Monday, executives, including CEO Tim Cook, touted how voice assistant Siri would be able to interact with messages, emails, calendar as well as third-party apps. 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.

AI chip leader Nvidia, which briefly overtook Apple’s market value last week, is up a whopping 154% this year. Nvidia last had a market value of $3.11 trillion.

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