Apple surpasses Microsoft to become the world's most valuable company

June 12 marked the day that American technology corporation Apple once again overtook Microsoft to become the company with the largest capitalization value in the world. This good news comes to Apple in the context that the company is leading the race in artificial intelligence (AI) technology.

Accordingly, Apple's stock increased nearly 4% to a record $215.04, raising its market capitalization to $3.290 billion. Microsoft's market capitalization reached $3.240 billion, ranking behind Apple for the first time in 5 months.

Earlier in the day, Apple shares jumped more than 7% after the company announced a series of AI-powered features and software improvements for its devices. Some analysts said the new AI features will help boost iPhone sales.

On June 10, during the Worldwide Developers Conference 2024 (WWDC24), Apple revealed an improved Siri virtual assistant that can answer more questions and complete more complex tasks than previous versions.

Additionally, the company also announced that some AI features on applications will be provided with the latest operating system for iPhone, iPad and Mac computers.

At least 13 analysts have raised their price outlooks on Apple shares following WWDC24, with some experts saying the latest features could spur a wave of new device purchases as Apple prepares to unveil a new iPhone lineup in the fall.

Apple shares are up about 12% year-to-date in 2024, while Microsoft shares are up about 16% and Alphabet shares are up nearly 28%.