Apple (AAPL.O) shares surged over 7% on Tuesday, reaching a record high, as the tech giant unveiled new AI features aimed at boosting iPhone sales. This impressive rally nearly allowed Apple to reclaim its position from Microsoft as the world’s most valuable company. The stock closed the day at $207.15, up 7.3%. Despite lagging behind the S&P 500 (.SPX) in 2024 due to declining iPhone sales and Wall Street’s concerns about Apple’s position in the AI race, the recent announcements have sparked renewed investor interest. Apple’s market capitalization now stands at $3.18 trillion, just shy of Microsoft’s $3.22 trillion and slightly ahead of Nvidia’s $2.97 trillion. The three companies are in close competition to be the world’s most valuable. Microsoft’s market value surpassed Apple’s in January, and Nvidia briefly took the lead last week. However, Apple’s annual developer event on Monday showcased significant AI advancements, including an enhanced Siri virtual assistant capable of handling more complex queries and tasks, along with several AI features integrated into its apps. These updates will be available with the latest operating systems for iPhones, iPads, and Mac computers. Following the developer event, at least 13 analysts raised their price targets for Apple’s shares. Many believe that these new features could drive a surge in purchases as the company gears up to launch a new line of iPhones in the fall. “Apple is demonstrating that it is invested in evolving its platform and devices to enable the next era of computing, interfaces, and experiences,” said Gartner analyst Tuong Nguyen. As Apple continues to innovate and integrate AI technology, the competition for the title of the world’s most valuable company remains fierce. Following the WWDC keynote on Monday, Apple CEO Tim Cook sat down for interviews with iJustine, SuperSaf, and MKBHD to discuss iOS 18 and