Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Apple shares receive delayed AI boost

Apple is nearing its position as number one on Wall Street. The iPhone manufacturer's share received a substantial boost on Wall Street on Tuesday – a rebound upwards following the initial disappointment over the iPhone manufacturer's new major investment in artificial intelligence.

» Updated: 16 July 2024, 15:00

» Published: 12 June 2024

Apple shares receive delayed AI boost
Photo: Jeff Chiu AP/TT

Apple is approaching its position as number one on Wall Street.

The iPhone manufacturer's share received a significant boost on Wall Street on Tuesday – a rebound upwards after the initial disappointment over the iPhone manufacturer's new major investment in artificial intelligence.

The Apple share lifted by 7.3 per cent to a new record level in Tuesday's stock exchange trading. The technology giant thereby consolidated its second place in terms of market value on Wall Street with a valuation of 3,176 billion dollars (approximately 33,250 billion kronor).

The share price increase is the largest for the Apple share on a trading day since November 2022. And the gap to number one – Microsoft – is now "only" just under 40 billion dollars.

Number three on Wall Street is one of the rocket shares in the AI wave: the semiconductor manufacturer Nvidia with a stock market value of 2,974 billion dollars.

Since the turn of the year, Apple – including the lift on Tuesday – has risen by 7.6 per cent. Microsoft is up 15.1 per cent, while Nvidia – one of this year's rocket shares – has increased its stock market value by over 144 per cent.

Apple's CEO Tim Cook presented the company's new AI initiatives on Monday, including a partnership with Open AI and upgrades to the digital assistant Siri and other new AI tools for users of Apple's operating system.

Apple, with its new record high, is now more than twice as valuable as all the shares on the Stockholm Stock Exchange combined.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

Calm opening expected on the stock exchange
1 MIN READ

Calm opening expected on the stock exchange

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected

Inflation Expectations Fall
1 MIN READ

Inflation Expectations Fall

Better than expected for Novo Nordisk
1 MIN READ

Better than expected for Novo Nordisk

No "Trump Effect" on the Stockholm Stock Exchange
1 MIN READ

No "Trump Effect" on the Stockholm Stock Exchange

Stock Market Euphoria as Trump Heads for Victory
2 MIN READ

Stock Market Euphoria as Trump Heads for Victory

Rush on the Tokyo Stock Exchange after the election night
1 MIN READ

Rush on the Tokyo Stock Exchange after the election night

Bitcoin hits new record
1 MIN READ

Bitcoin hits new record

Upward trend on the New York Stock Exchange
1 MIN READ

Upward trend on the New York Stock Exchange

Colombia Buys Jas Gripen
2 MIN READ

Colombia Buys Jas Gripen

Now more wind power on land is required
2 MIN READ

Now more wind power on land is required

High Pressure Causes Electricity Prices to Soar
1 MIN READ

High Pressure Causes Electricity Prices to Soar