Apple is closing in on a historic US $4 trillion stock market valuation, “powered by investors cheering progress in the company’s long-awaited AI enhancements to rejuvenate sluggish iPhone sales,” reports Reuters.
The tech giant has pulled ahead of Nvidia (NVDA.O) and Microsoft in the race to the milestone, thanks to an about 16% jump in shares since early November that has added about $500 billion to its market capitalization.
The latest rally in Apple shares reflects “investor enthusiasm for artificial intelligence and an expectation that it will result in a supercycle of iPhone upgrades,” said Tom Forte, an analyst at Maxim Group, who has a “hold” rating, told Reuters.
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