Apple Nears $4 Trillion Market Cap Fueled By AI Hopes

An Apple logo adorns the facade of the downtown Brooklyn Apple store on March 14, 2020, in New York. (AP Photo/Kathy Willens, File)Apple is closing in on a historic US$4 trillion stock market valuation, powered by investors cheering progress in the company's long-awaited AI enhancements to rejuvenate sluggish iPhone sales.

The company has pulled ahead of Nvidia and Microsoft in the race to the monumental milestone, thanks to an about 16 per cent jump in shares since early November that has added about $500 billion to its market capitalization.The latest rally in Apple shares reflects 'investor enthusiasm for artificial intelligence and an expectation that it will result in a supercycle of iPhone upgrades,' said Tom Forte, an analyst at Maxim Group, who has a 'hold' rating. Valued at about $3.85 trillion as of the last close, Apple dwarfs the combined value of Germany and Switzerland's main stock markets. The Silicon Valley firm, driven by the so-called iPhone supercycles, was the first U.S. company to hit previous trillion-dollar milestones. In recent years, the company has attracted criticism for being slow to map out its artificial intelligence strategy, while Microsoft, Alphabet, Amazon and Meta Platforms have pulled ahead to dominate the emerging technology. Shares of Nvidia, the biggest AI beneficiary, have surged more than 800 per cent over the past two years, compared to the near doubling in shares of Apple during the same period. Apple earlier in December started integrating OpenAI's ChatGPT into its devices after unveiling plans in June to integrate generative AI technology across its app suite. The company expects overall revenue to increase 'low- to mid-single digits' during its fiscal first quarter - a modest growth forecast for the holiday shopping season - sparking questions about the momentum for the iPhone 16 series.'Although near-term iPhone demand is still muted .

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