Apple Tops Microsoft in Value After Best 3-Day Run Since 2020
- Apple’s AI event added to hopes about an iPhone upgrade cycle
- Microsoft and Nvidia had recently eclipsed Apple in market cap
Tim Cook, left, at the Apple Worldwide Developers Conference on June 10.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Apple Inc. overtook Microsoft Corp. to regain its title as the world’s most valuable company, the latest sign of improving investor sentiment over its growth and position with artificial intelligence.
The milestone followed a blistering rally, including Apple’s biggest three-day advance since August 2020. It closed with a market capitalization of $3.285 trillion, compared with Microsoft at $3.282 trillion. This is the first time since January that Apple closed with a higher market value than Microsoft, and it represents the latest reshuffling of the ranks of Wall Street’s largest stocks. Earlier this week, Apple closed in third place behind Nvidia Corp.