Apple hits record as AI features promise boost in iPhone sales

A person uses a smartphone as Craig Federighi and John Giannandrea attend a discussion panel during Apple's annual developer conference event at the company's headquarters in Cupertino, California, U.S., June 10, 2024. REUTERS/Carlos Barria

(Reuters) -Apple shares surged over 7% to a record high on Tuesday, nearly regaining from Microsoft its crown as the world's most valuable company a day after it unveiled new AI features meant to rekindle demand for iPhones.

Tuesday's rally came as Apple trails the S&P 500 in 2024 due to waning iPhone sales and concerns on Wall Street that the company is lagging other technology heavyweights in a race to dominate emerging artificial intelligence technology.