Apple (AAPL) shares continued to rally Wednesday, propelling its market capitalization above that of Microsoft (NASDAQ:MSFT) once again.
Shares of the iPhone maker have jumped more than 5% to over $217 a piece, a new record high, pushing its valuation to $3.331 trillion at the time of writing.
This makes it the world's most valuable company once again after moving above Microsoft, which is now second, with Nvidia (NASDAQ:NVDA) third.
On Tuesday, Apple shares (NASDAQ:AAPL) closed more than 7% higher as investors digested the announcement of its AI platform, Apple Intelligence, at its WWDC event.
In a note to clients on Tuesday, analysts at Wedbush said the race to a $4 trillion market cap is between Apple, Nvidia and Mircosoft. The firm described Apple's WWDC event as a "historical week for the tech world," analysts said in a note."
"We believe over the next year the race to $4 Trillion Market Cap in Tech will be front and center between Nvidia, Apple, and Microsoft," they added.
Meanwhile, analysts at Jefferies said the spike in Apple's stock on Tuesday was due to a combination of underweight positioning, "coupled with a lot of overnight commentary around new AI products (i.e. Apple Intelligence) helping spark more upside to the next iPhone cycle."