Apple (NASDAQ:AAPL) stock is on the rise Wednesday as investors celebrate the tech giant retaking the number one spot as the most valuable company.
A recent rally for AAPL stock resulted in the company’s market capitalization surpassing Microsoft’s (NASDAQ:MSFT) market cap. This has it holding a $3.29 trillion market cap as compared to Microsoft’s $3.24 trillion market cap.
The recent increase for Apple stock comes after the company announced new artificial intelligence (AI) additions to its iPhone line. AI is a hot topic in the market right now with many experts believing it will power further growth for AAPL stock.
Apple, Microsoft and Nvidia (NASDAQ:NVDA) have all been vying for the top spot on the market. Each of them has their hands deep in the AI market and it’s acting as a catalyst that has them battling for first place.
AAPL Stock Movement Today
While Apple underwent a major rally yesterday, the company’s shares are slacking on Wednesday. AAPL stock is up 4.5% as of this morning. The stock is also up 16.7% since the start of the year.
With this positive movement comes heavy trading of AAPL stock. That has more than 90 million shares on the move as of this writing. This is already well above its daily average trading volume of about 62.6 million shares.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Wednesday! Among that is what’s going on with GameStop (NYSE:GME), Nathan’s Famous (NASDAQ:NATH) and Best Buy (NYSE:BBY) today. All of this news is available at the links below!
More Stock Market News for Wednesday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
