December 23, 2024 – 5:42 AM PST
(Reuters) – Apple (AAPL.O) is closing in on a historic $4 trillion stock market valuation, powered by investors cheering progress in the company’s long-awaited AI enhancements to rejuvenate sluggish iPhone sales.
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The company has pulled ahead of Nvidia (NVDA.O) and Microsoft (MSFT.O) in the race to the monumental milestone, thanks to an about 16% jump in shares since early November that has added about $500 billion to its market capitalization.
The latest rally in Apple shares reflects “investor enthusiasm for artificial intelligence and an expectation that it will result in a supercycle of iPhone upgrades,” said Tom Forte, an analyst at Maxim Group, who has a “hold” rating.
Valued at about $3.85 trillion as of the last close, Apple dwarfs the combined value…
