Apple's stock surged over 7% on Tuesday, hitting a record high and closing in on Microsoft's position as the world's most valuable company.
This increase followed the announcement of AI features or what is being called Apple Intelligence features at Apple’s annual developer event.
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According to company officials, this new offering aims to provide iPhone users with advanced generative AI capabilities.
Despite a decline on Monday, Apple shares rebounded on Tuesday, rising more than seven percent and boosting all three major stock indices.
Apple ended the day over 207 dollars per share, with a market capitalization of 3.18 trillion dollars, just behind Microsoft's 3.22 trillion dollars and ahead of AI chip giant Nvidia's 2.97 trillion dollars.
This reflects the intense competition among major tech companies for market dominance.