Apple overtook Microsoft to restore its title as the most valuable business in the world as it dominated the battle to develop artificial intelligence technologies. Apple's market worth surpassed $3.25 trillion when its shares increased by nearly 2% to $211.75. This overtook Microsoft, whose market capitalization of $3.24 trillion put them behind Apple for the first time in five months.

Following the announcement of many AI-driven features and software upgrades for its products, Apple's stock hit a record high. Analysts projected that these improvements would result in a notable increase in iPhone sales.

CEO Tim Cook and other executives demonstrated improvements that allow Siri, the virtual assistant, to interact with texts, emails, calendars, and other apps during Apple's yearly developer conference.

The IT giant's stock underperformed this year compared to peers because it has lagged behind competitors like Microsoft and Alphabet, the owner of Google, in the hottest sector of artificial intelligence.

As of now in 2024, Apple's stock has increased by around 10%, Microsoft's by roughly 16%, and Alphabet's by over 28%. After Apple surprised the market with its quarterly results and outlook in May and revealed a record $110 billion buyback plan, some of the concerns about its poor share performance subsided.

Leading AI chip maker Nvidia had a 144% increase in market value this year, momentarily overvaluing Apple last week. At now, Nvidia's market capitalization is $3.06 trillion. Tesla is the only other 'Magnificent Seven' stock that has declined this year, with its shares down more than 30%, aside from Apple.