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Apple pushes past Microsoft to become most valuable company

Apple (AAPL) has overtaken Microsoft (MSFT) as the most valuable company, speeding past the tech competitor after Apple shares surged to new record highs on its new AI announcements. Catalysts Hosts Seana Smith and Madison Mills report on Apple's move higher and where its new AI features will fit into the consumer tech landscape.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Luke Carberry Mogan.

Check out more of Yahoo Finance's coverage of Apple and its WWDC announcements:

The challenge of Apple's 'AI for the rest of us' is we don't know what it's for: Morning Brief

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Apple AI: Do consumers share same enthusiasm as investors?

Apple's iPhone segment will grow by 10% next year: Analyst

Apple looks to make AI more personal

Affirm CEO on Apple partnership: 'it's very exciting'

Video Transcript

We're going to turn now to big tech Apple shares are jumping after overtaking Microsoft and reclaiming its spot as the most valuable company.

This coming after Apple announced its new A I powered features and its worldwide developers conference and shot, I was looking at some of the commentary online to kind of understand why we saw an initial downside move from Apple stock after the announcements from the conference.

And then we saw obviously this big surge to the upside and some folks were saying, well, just wasn't necessarily sure how to sus the news that we got out of the conference wasn't necessarily sure what was good enough news for Apple.

And then after some big commentators that are really famous within the space came out and said, hey guys, this is actually really big stuff coming from Apple.

That is what led to the rally once investors kind of digested that the good news from Apple was really good news.

Yeah, exactly.

And I think overall the commentary here from analysts, much of what we heard on Monday was right.

And we have seen this resurgence just about some of the excitement surrounding Apple ahead of this announcement, what exactly this is ultimately going to mean for the adoption story, whether or not Apple coming out having features that they announced on Monday, what exactly that is going to do to that next iphone cycle?

If it's going to be enough to convince and to convince their customers out there that they do need to go out and pay 1213 $1400 for a new phone because of these new features and the commentary that has trickled out.

And I think initially it was yes, this is exactly what we were expecting.

Nothing really going above and beyond, maybe what had already been out there in terms of the rumor mill.

But then I think once you take a step back, right?

And you think about what this means overall getting back to that adoption point there just a second ago, what ultimately this means for some consumers that are not using A I capabilities on a day to day basis.

Ultimately, the impact that that is going to have on their life, what what that is going to do here for that longer term adoption and, and ultimately, what this does about excitement surrounding some of those other larger cap tech plays, right?

A lot of that could be, you could be argue, you could argue, rides on some of the success, maybe that Apple is going to have.

But at least when it comes to that consumer, everyday impact side of the story.

So that's why Julie Hyman was out with a great morning brief this morning talking about that.

So yes, I guess some analysts remain split or maybe weren't too excited or overly excited.

Uh, but what we heard on Monday, but again, when you take a look at the reaction that we saw play out in the stock yesterday and of course, the gains today you can clearly see there.

Is that A I hype there.

Is that A I excitement?

And now Apple is one of the stocks after lagging behind for quite some time now, starting to benefit more from all of that excitement.

Right.

It seems like it was a little bit of a priced in event by the rumors, sell the news heading into the week and now after the commentary, a lot of room to rally here.