Days after it unveiled its consumer AI strategy, Apple Inc. AAPL has become the first brand to surpass $1 trillion in brand value, according to a global ranking by Kantar’s BrandZ. This marks a 15% increase from the previous year.
What Happened: Apple has maintained its position as the world’s most valuable brand for the third consecutive year, as per the 2024 rankings.
The company’s brand value now stands at $1 trillion, with Alphabet Inc.'s GOOG GOOGL Google and Microsoft Corp. MSFT following at $753 billion and $713 billion, respectively.
Earlier this week, Apple unveiled new AI features, expected to reignite demand for iPhones and reverse a sales decline.
Despite choppy consumer spending and resurgent tech rivals, Apple’s market capitalization stands at $3.18 trillion, just behind Microsoft at $3.22 trillion and ahead of AI chip giant Nvidia Corp. NVDA at $2.97 trillion.
Surfing the wave of AI enthusiasm and a chip demand boom, Nvidia has made its debut on Kantar’s list of the top 10 most valuable brands in the world. Its brand value nearly tripled to over $200 billion from the previous year, placing Nvidia as the sixth most valuable brand.
“What really sets Nvidia apart is the faith that retail and institutional investors alike have in the firm’s centrality to the biggest disruptive narratives in tech – innovations like generative AI, autonomous mobility, and spatial computing,” Kantar said.
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Why It Matters: Just days before the brand value announcement, Apple unveiled its generative AI efforts for the first time, integrating these cutting-edge features into iPhones and iPads. The company’s CEO, Tim Cook, called it the “next big step for Apple,” marking a new era for the tech giant.
Despite Apple’s impressive performance, it’s worth noting that Nvidia briefly overtook Apple recently to become the second most valuable public U.S. company.
Price Action: Apple shares surged to a record-high close on Tuesday after DA Davidson upgraded the stock, following a series of announcements from the company's Worldwide Developers Conference 2024. The stock closed 7.26% higher at $207.15 apiece.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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