Cupertino, December 24: Apple is on the path to becoming the number one company in the world in terms of market capitalisation. In December 2024, Apple's market cap reached USD 3.83 trillion, behind NVIDIA's USD 3.4 trillion market cap. The company is expected to reach a higher valuation amid the AI push and iPhone upgrades reaching a USD 4 trillion market cap. This would make the company a leader in the tech segment of the world.

As of December 2024, five companies led the global tech industry: Apple, NVIDIA, Microsoft, Alphabet, and Amazon.com. These companies have market capitalisations of over USD 2.3 trillion and are involved in artificial intelligence, offering various products and services to customers. Reliance Industries Stock Falls 23% From Highest Level in July 2024, Records Longest Losing Streak Since COVID-19 Market Slump. 

Apple has been rivalling these companies to gain the top spot and lead the AI revolution. The tech giant beat NVIDIA and became the tech leader in the industry, and since November 2024, Apple shares have risen to 16%. Reports suggested that this surge in the company's shares was due to Apple's promise of AI and iPhone future upgrade rollouts. 

Apple was criticised for joining the AI race late and offering its Apple Intelligence system without optimisation. However, the company has slowly gained momentum and rolled out the iOS 18 updates for all the compatible iPhones, including the iPhone 16 series and iPhone 15 Pro models. According to reports, stock market analysts have said Apple's investors showed enthusiasm for the AI and expectations, resulting in a supercycle of iPhone upgrades. 

The reports said that Apple's late arrival in artificial intelligence made it integrate OpenAI's ChatGPT into its devices, which proved to be a critical step for boosting the declining demand for iPhones, especially the recently launched iPhone 16 series. Samsung India Planning Comeback in Residential AC Segment After Seeing Unprecedented Sales Growth This Year, Will Launch Dozens New Models.

Apple added USD 500 billion since November and achieved a 33% price-to-earnings ratio, which was higher than that of Microsoft and NVIDIA, according to the reports. Despite reaching the top spot, Apple has been struggling with companies like Huawei in the Chinese market and the global wearable market. 

(The above story first appeared on LatestLY on Dec 24, 2024 07:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).