Apple briefly reached a $4 trillion market value in early trading on Tuesday, becoming the third Big Tech giant to hit this milestone. Strong demand for its latest iPhone models eased concerns about the company’s lagging AI progress, which critics attribute to a lack of visionary leadership.
Reuters:
Apple’s shares have gained about 13% since the new launches on September 9, in a remarkable turnaround that pushed the stock into positive territory for the first time this year.
Brokerage Evercore ISI expects the strong demand for Apple’s latest iPhones to help it surpass market expectations for the three-month period ending in September and issue upbeat forecasts for the quarter ending in December.
Apple is the third company to hit the $4 trillion mark after Nvidia and Microsoft. Nvidia currently tops the table with a market value of more than $4.5 trillion.
Apple’s cautious approach to AI had fueled concerns it could lose out on what could be the industry’s biggest growth catalyst in decades. Recent reports also indicate that the company is losing a number of its senior artificial intelligence executives to Meta.
The company was slow to roll out its Apple Intelligence suite, including a ChatGPT integration, while an AI upgrade to its voice assistant Siri has been delayed until next year.
MacDailyNews Note: Apple’s market cap has fallen back under $4 trillion in subsequent trading. The current standings:
- Nvidia (NVDA): $4.688 trillion
- Microsoft (MSFT): $4.035 trillion
- Apple (AAPL): $3.982 trillion
- Alphabet (GOOGL): $3.234 trillion
- Amazon (AMZA): $2.415 trillion
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