Apple has re-entered the $3 trillion market capitalization territory. The tech giant was the first company to reach a $3 trillion market cap in June last year. Now, it is second only to Microsoft, which has a $3.14 trillion market cap, with Nvidia following behind at $2.96 trillion.
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On Wednesday afternoon, Apple shares were trading around $196, with a 0.8% jump. Since the company announced better-than-expected results for the second fiscal quarter, its stock price has risen.
In its latest earnings report since the company announced its largest-ever stock buyback, authorizing $110 billion in share repurchases and raising its cash dividend by 4%. It beat Wall Street’s expectations, reporting sales of $90.8 billion for the three months ended March 30.
In addition, the iPhone maker is focusing on AI innovation. The tech giant is partnering with OpenAI to integrate its chatbot, ChatGPT, into the iPhone’s operating system. Apple is expected to announce the deal at its annual Worldwide Developers Conference which starts on June 10. The agreement will reportedly give the ChatGPT-maker access to potentially millions of Apple users, as the chatbot’s capabilities get paired with Apple’s applications and services.
Not only this but Apple is also pushing the world into the next era of telecommunications, this one characterized by a new type of device: AI-powered “IntelliPhones” – devices that offer everything from virtual and augmented reality experiences to AI-generated personal assistance.
–Britney Nguyen and Laura Bratton contributed to this article
