Apple briefly overtakes Microsoft as world's most valuable company

ISTANBUL – Apple briefly overtook Microsoft as the world's most valuable company on Wednesday as its shares hit a new all-time high before retreating.

The US-based technology company's stock price hit an all-time high of USD220.20 per share around 3:15 p.m. (local time). The company's market value stood at almost USD3.38 trillion at the time.

Following the record high, however, Apple's stock price fell to USD213.07 a share by the market close for a daily gain of 2.86 percent with a market value of USD3.27 trillion, surrendering the top position to Microsoft.

Microsoft shares closed the day with a 1.94 percent increase, while the technology firm's market valuation stood at USD3.28 trillion by the final bell.

Apple shares have been on a rally since Monday, when the company announced Apple Intelligence generative models and unveiled a partnership with OpenAI, the maker of ChatGPT.

The company further said Tuesday that Apple Vision Pro will arrive in new countries and regions beginning June 28, after hitting US stores in February.

Customers in mainland China, Hong Kong, Japan and Singapore can pre-order Apple's mixed-reality headset on June 14, while those in Australia, Canada, France, Germany and the UK can pre-order on June 28, it said in a statement. (Anadolu)