Apple’s shares surged over 2% to hit $211.75, pushing its market valuation to $3.25 trillion, making it the world’s most valuable company once again, surpassing Microsoft’s $3.24 trillion valuation. NVIDIA followed with a market capitalization of $3.06 trillion. Under CEO Tim Cook’s leadership, Apple has navigated one of its most prosperous periods in the stock market.

This recent rise in Apple’s stock, reaching an all-time high, was driven by the introduction of AI-enabled features and software improvements for its devices. This marks the first time in five months that Microsoft has fallen behind Apple, highlighting Apple’s commitment to advancing in artificial intelligence technology.

These announcements were made during Apple’s annual developer conference, where CEO Tim Cook and other executives showcased new capabilities for the voice assistant Siri, which will soon be able to manage messages, emails, calendars, and third-party apps.

Analysts predict these AI advancements will boost iPhone sales, contributing to the rise in Apple’s stock value.

Although Apple has lagged behind rivals like Microsoft and Google-owner Alphabet in AI development, its recent initiatives indicate a strategic shift towards deeper AI integration in its products. This year, Apple’s shares have climbed by about 10%, while Microsoft and Alphabet have seen increases of roughly 16% and 28%, respectively.

Concerns about Apple’s weaker share performance earlier in the year have lessened after the company surpassed market expectations in its quarterly results in May and announced a record $110 billion stock buyback plan.

In the broader tech market, AI chip leader Nvidia briefly surpassed Apple’s market value last week, experiencing an impressive 144% increase in its stock value this year, with a recent market valuation of $3.06 trillion.

Meanwhile, Tesla is the only other ‘Magnificent Seven’ stock that has underperformed compared to Apple this year, with its share price declining by over 30%.

Overall, Apple’s renewed focus on AI and the positive reception of its latest innovations are key factors behind its resurgence as the most valuable company, reflecting strong investor confidence in its future growth prospects.