AI-powered Apple overtakes Microsoft as world's most valuable company

Shares surged after tech giant unveiled a range of AI-enabled features and software enhancements for its devices, a move several analysts said would power iPhone sales

Apple CEO Tim Cook speaks during an announcement of new products on the Apple campus in Cupertino, California on Monday. Picture: AP/Jeff Chiu

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 jumped nearly 4% to a record $215.04, giving it a market valuation of $3.29tr (€3tr). Microsoft's market capitalisation stood at $3.24bn (€3bn), falling behind Apple for the first time in five months.