Apple CEO Tim Cook announced new products on the company’s campus in Cupertino, California on June 10. During his speech, he highlighted the company’s market cap of approximately $3.29 trillion, making it the most valuable public company in the United States, surpassing Microsoft with a market cap of $3.28 trillion. The stock rose after announcements at its annual Worldwide Developers Conference, including generative AI features for iPhones.
On Thursday, Apple shares climbed 0.6%, while Microsoft shares rose only 0.1%. Apple’s rise comes just a week after Nvidia surpassed it to become the second-largest public US company, with Nvidia now ranking third behind Microsoft. However, this growth may not be without challenges, as concerns about privacy and data security have been raised following Apple’s partnership with OpenAI to power some of its phone’s features.
Despite these potential challenges, a focus on AI could drive growth for iPhone sales and services over the long term as users are waiting longer to upgrade devices and economic uncertainties impact consumers, especially in China. Additionally, regulatory scrutiny in Washington may continue to drive innovations and revenue for the company in the future.
