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The age-old trading adage “buy the rumor, sell the news” did not hold in its most recent test: Apple Inc (NASDAQ:AAPL) shares soared following its annual WWDC event after the company unveiled several new software features.
The Cupertino, California-based tech giant has surpassed Microsoft Corp (NASDAQ:MSFT) in market capitalization, reclaiming its title as the world’s largest company.
What Happened: Apple traded above $216 a share on Wednesday morning, up over 4.5% on the day and 10% since its WWDC event on Monday afternoon. The company’s share price crossed $200 for the first time on Tuesday morning, split-adjusted.
Apple’s market cap registered at $3.325 trillion at the time of writing, higher than Microsoft’s $3.264 trillion.
Apple became the largest company in the world in 2011 and held onto the crown for the better part of the decade. Microsoft briefly surpassed Apple in 2018 and 2021 before dethroning Apple again in early 2024.
Why it Matters: Recent price action among the so-called “Magnificent Seven” stocks has been heavily influenced by investor optimism in artificial intelligence.
Microsoft’s impressive performance in 2023 and 2024—its share price has nearly doubled since January 2023 — can be largely attributed to its embrace of AI.
Shares of NVIDIA Corp (NASDAQ:NVDA) have soared over 150% in 2024 as the California-based company has become the third largest in the world. Some have speculated that continued AI optimism in the company can push its market cap, now $3.108 trillion, even higher to overtake Apple and Microsft.
Apple unveiled a partnership with Microsoft-backed OpenAI in the event on Monday. “Apple Intelligence” will integrate ChatGPT’s features with several of its devices, including the iPhone, iPad and Mac. In particular, generative AI will improve Apple’s user-assistant Siri.
Investors were also excited about other new features on Apple devices, including home screen customization and phone call recording.
Image: Shutterstock
