Apple Inc (AAPL)

[Investors3]

Apple is again the world’s most valuable company
Wednesday, June 12, 2024 10:16 am
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Apple blew past Microsoft to one again claim the mantle of the world’s most valuable company by market capitalization propelled by two of Wall Street’s favorite words: artificial intelligence… make that Apple Intelligence.

Emily Dattilo for Barron’s:

The story for Apple began Monday at the tech giant’s Worldwide Developers Conference, when the company unveiled its AI strategy.
It seemed to take investors a beat to warm up to the news, considering the stock slipped 1.9% on Monday, before soaring 7.3% to $207.15 on Tuesday to an all-time high, setting its first record close since December 2023. Shares were rising [3.7%] on Wednesday.

Wedbush Securities analysts led by Dan Ives piled into the positivity. “The delayed positive reaction from the Street on the Apple
Intelligence news was investors starting to fully digest that the AI Revolution will come through the consumer with an Apple device over the coming year,” he wrote.

Mizuho Securities analyst Daniel O’Regan offered some more detailed reactions from key groups on Wall Street. Clients were constructive but surprised shares rose so much, he wrote. “Apple delivered in terms of what people were expecting,” he continued. “Although NOT ground breaking, Apple intelligence is a step in the right direction.”

MacDailyNews Take: Apple is currently worth $3.3 trillion.

Other members of the $3 trillion club:
• Microsoft: $3.247 trillion
• Nvidia: $3.116 trillion

https://macdailynews.com/2024/06/12/apple-is-again-the-worlds-most-valuable-company/