Apple (NASDAQ:AAPL) reclaimed its position as the biggest company on Wall Street, Oracle (NYSE:ORCL) got a boost on AI partnerships, and Tesla (NASDAQ:TSLA) surged on Cathie Wood’s aspiring 2029 price target for the EV firm.
Apple, Oracle, and Tesla stocks surged on Wednesday amid growing optimism around artificial intelligence, even as they face scrutiny and challenges on various fronts.
Apple’s stock soared to a record high as it unveiled a suite of AI-powered features, reclaiming its position as the world’s most valuable company. Meanwhile, Oracle’s stock surged after announcing partnerships with OpenAI and Google (NASDAQ:GOOG) (NASDAQ:GOOGL) and securing significant AI contracts despite missing some Q4 estimates.
Tesla’s stock also rose on ambitious robotaxi plans and a bullish price target from ARK Invest, but faces uncertainty surrounding CEO Elon Musk’s contentious pay package.
Apple Retakes Crown as World’s Most Valuable Company
Apple’s stock hit a record high of $217.37, up 4.93%, after unveiling an array of AI-powered features at its Worldwide Developers Conference (WWDC) earlier this week.
The iPhone maker’s market capitalization reached $3.332 trillion, surpassing Microsoft (NASDAQ:MSFT) to reclaim its status as the world’s most valuable company. Analysts believe Apple’s AI initiatives, such as integrating ChatGPT into iOS, iPadOS, and macOS, could drive a significant iPhone upgrade cycle.
The tech giant boasts strong financials, with a trailing P/E of 30.03, a forward P/E of 26.25, and an EPS (TTM) of $6.90.
Oracle’s Stock Jumps on AI Partnerships and Contracts
Oracle’s stock price soared 11.95% to $138.68, despite missing some Q4 estimates, after the company announced partnerships with OpenAI and Google.
The software giant expects strong AI demand to boost sales in fiscal 2025, having signed over $12.5 billion in AI contracts in Q4 alone. Oracle’s market cap reached $383.069 billion, with a trailing P/E of 32.85, a forward P/E of 19.92, and an EPS (TTM) of $3.77.
The company also revealed upcoming generative AI features for its Fusion cloud applications, which will target supply chain management and human resources.
Tesla Faces Uncertainty Amid Ambitious Price Targets by ARK Invest
Tesla’s stock rose 5.59% to $180.20, driven by Cathie Wood’s ARK Invest, which set a bold $2,600 price target for the electric vehicle maker by 2029.
ARK’s bullish outlook is based on expectations for Tesla’s yet-to-be-launched robotaxi business, which the firm predicts will account for 90% of Tesla’s value and earnings by 2029. However, some analysts see a risk of Tesla’s stock falling if CEO Elon Musk’s contentious $50 billion pay package is not approved at the annual meeting this week.
Tesla’s market cap is $585.234 billion, and its trailing P/E is 44.45, its forward P/E is 69.93, and its EPS (TTM) is $3.84.
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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
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