The stock market just witnessed a dramatic shift in leadership. After a month of market fluctuations, Apple has dethroned Microsoft as the world’s most valuable tech company, thanks in part to a recent surge in share price supported by analyst firm Wedbush.
This victory comes on the heels of a similar upset last month, when NVIDIA briefly claimed the top spot, surpassing both Microsoft and Apple. However, short-term investor actions – likely driven by summer holiday anticipation and upcoming earnings reports – caused NVIDIA’s reign to be short-lived. As of today, NVIDIA sits comfortably in the third position, while Apple reclaims its title as the world’s most valuable tech company.
Apple’s stock price took a wild ride recently. After dipping 1.59% within the first half hour of trading, a bullish report from Wedbush, a major Apple supporter, seemed to turn the tide.
By the closing bell, Apple’s stock had climbed 1.85%, propelling the iPhone maker not only to the title of the world’s biggest tech company by revenue but also the most valuable.
Wedbush analyst Dan Ives, a long-time Apple supporter, fueled the stock’s rise with a report highlighting the company’s investments in artificial intelligence.
This positive sentiment, coupled with a gain of 18% since the start of WWDC (Apple’s developer conference), pushed Apple’s market value to a staggering $3.49 trillion, according to Nasdaq data. This surpasses Microsoft’s current market value of $3.46 trillion, crowning Apple as the king of the tech world.
Wedbush predicts Apple’s ecosystem will become the control center for the coming boom in artificial intelligence (AI) for everyday consumers. According to the firm, Big tech companies like Google and Meta (formerly Facebook) will likely have to adapt their AI software to function on Apple devices, effectively making Apple the gatekeeper of this revolution.
