AI-powered Apple overtakes Microsoft as world’s most valuable company

Apple once again became the world’s most valuable company today, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology. — Reuters picNEW YORK, June 12 — Apple once again became the world’s most valuable company today, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.

The stock surge comes as the tech-heavy Nasdaq hit a record high on fresh signs of cooling inflation. “All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Some of the concerns over its weak share performance, however, eased after Apple beat market expectations for quarterly results and forecast in May, and unveiled a record US$110 billion buyback plan.

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