Apple overtakes Microsoft to return as world’s most valuable company

Apple once again became the world’s most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.

Its shares rose more than 2% to $211.75, giving it a market valuation of $3.25 trillion. Microsoft’s market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.

Apple shares had surged to an all-time high in the previous session, a day after it unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales.