Apple has been crowned as the world’s most valuable company in 2024 with a market capitalisation of $3.785 trillion, driven by strong sales and anticipated AI enhancements to its product line.
Apple’s last year’s market cap was pegged at $2.911 trillion, just below Microsoft’s $2.794 trillion.
AI and cloud technology were the primary growth drivers for most of the top-ranking companies.
Seven of the top 10 companies are in the technology sector, underlining the continued dominance of tech in global markets.
In the second place was Nvidia with $3.289 trillion, fuelled by increased demand for AI-focused chips.
The chipmaker’s market value increased by over $2 trillion last year. Its market value was $1.223 trillion at the end of 2023.
Last year’s winner Microsoft came in third with $3.134 trillion due to its Leadership in AI-focused chips and GPU technologies while Alphabet came fourth with $2.331 trillion, fuelled by dominance in digital advertising, cloud services, and AI research.
Amazon.com came with $2.307 trillion, driven by its expansive e-commerce platform and cloud computing services sustained its high market valuation.
Next came Meta Platforms with $1.478 trillion. Meta, formerly Facebook, saw growth through its social media platforms and investments in virtual reality.
Tesla with $1.296 trillion due to its advancements in electric vehicles and energy solutions contributed to its significant market capitalization.