Apple market cap rises to $3.5T following Apple Intelligence announcement

Apple’s shares hit a staggering milestone on the 9^th July 2024, reaching the highest point in the company's history, finishing the day valued at almost $229. This landed the tech giant with a market cap of just above $3.5 trillion, the highest value any company has ever achieved to date.

It was only a few months ago that Apple’s stocks were going in the opposite direction with a poor start to the year. However, the announcement of some much-anticipated AI news at its Worldwide Developers Conference, Apple Intelligence, has sparked a lot of excitement in the Apple camp. A massive part of this announcement, and something that has almost certainly driven investment, is Apple’s closer ties to OpenAI where they now have a seat on its board. Apple is going to be working with the AI giant to put ChatGPT, and other services, onto the next iPhone, iPad, and MacOS. Apple’s long-standing rival, Microsoft, also shares a seat on the OpenAI board, with plans of its own.

Microsoft vs Apple

Apple and Microsoft have been vying for the title of the world's most valuable company, with both tech giants trading places throughout the year. Microsoft's significant investments in AI propelled it ahead of Apple in January 2024, marking the first time it had surpassed Apple since 2021. However, Apple's new resurgence has since returned it to the top spot once more.

While Apple currently holds the title of the world's most valuable company, the competition remains fierce, with Microsoft and NVIDIA closely trailing. NVIDIA has soared to the very top of the global most valuable company list over the past couple of years, overtaking Apple in early June. The leader in AI technology at present, the company is also in contention to take the crown as the most valuable company in the world. This ongoing rivalry underscores the critical role of AI advancements in determining market leadership in the tech industry​.

With the tech giants on the march, many analysts are expecting the likes of Apple, Microsoft, and NVIDIA to surpass a market cap of $4 trillion before the year is out, but who will achieve this mega-milestone first? As it stands, Apple leads the way, with Microsoft and then NVIDIA close behind – but who knows what these companies have up their sleeves next.