Apple (NASDAQ:AAPL) stock is soaring today as investors cheer the tech giant reclaiming the top position as the most valuable company.

A recent surge in AAPL stock has pushed the company’s market capitalization above Microsoft’s (NASDAQ:MSFT) market cap, putting Apple at a staggering $3.29 trillion, surpassing Microsoft’s $3.24 trillion market cap.

The uptick in Apple’s stock value follows the company’s announcement of new artificial intelligence (AI) features for its iPhone lineup. The AI sector is currently a hotbed of activity, with experts foreseeing significant growth potential for AAPL stock.

Apple, Microsoft, and Nvidia (NASDAQ:NVDA) are engaged in a fierce competition for the top spot in the market. Their deep involvement in the AI domain is serving as a battleground where they strive for dominance.

Current Performance of AAPL Stock

Although Apple witnessed a substantial rally yesterday, its shares are experiencing a slight dip today. AAPL stock is up 4.5% at the start of the day and has surged by 16.7% since the beginning of the year.

The positive momentum has triggered heavy trading of AAPL stock, with over 90 million shares changing hands currently. This volume surpasses the daily average trading figure of about 62.6 million shares.

Investors seeking more insights into the latest stock market developments are in for a treat!

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Additional Stock Market Highlights for Today

On the date of publication, William White had no positions in the securities mentioned in this article, directly or indirectly. The opinions expressed here belong solely to the writer and are subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/aapl-stock-alert-apple-retakes-throne-as-no-1-most-valuable-company/.

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