Apple sped past Microsoft to retake title of most valuable U.S. company

Apple Inc. is set to become the most valuable U.S. company once again, taking the crown back from Microsoft Corp. as investors continue to show their appreciation for the iPhone maker’s artificial-intelligence strategy. With shares of Apple up 3.2 per cent in intraday action, those gains would translate to a $3.28 trillion market capitalisation at the close. That would compare with a $3.26 trillion market cap for Microsoft that’s implied by the stock’s 1.2% morning gain. Apple hasn’t been worth more than Microsoft at the close since Jan. 24, according to Dow Jones Market Data. That means Microsoft has been the top U.S. company by market cap for 96 sessions in a row. Nvidia Corp., meanwhile, is in third with its shares up 3% in morning action to imply a $3.06 trillion market cap. Apple’s rally in Wednesday’s session comes after the stock booked a 7.3% increase in Tuesday’s action to record its largest single-day percentage boost since 2022.

The company continues to win cheers for the AI strategy revealed during Monday’s WWDC keynote, and its potential to spur device upgrades. Apple adds $215 billion in market cap as stock S&P 500 for first time in years. Wall Street is underestimating the company’s potential to drive iPhone upgrades, a BofA analyst wrote on Wednesday. “Our detailed analysis suggests Apple Intelligence can drive a significant upgrade cycle and consensus estimates are too low,” BofA’s Wamsi Mohan said. “AI functionality is likely to drive a multi-year upgrade cycle from faster replacement, more switching, and ASP increases,” referring to average selling prices. While the consensus view is for 241 million iPhone unit sales in calendar 2025 and 238 million in 2026, Mohan’s estimates call for 247 million and 257 million, respectively. Further, he says his own projections are “arguably conservative.” MarketWatch