Apple stock closes at record high, Microsoft overthrows for best valuation

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Apple shares hit an all-time high amid new “Apple Car” rumors, with Microsoft collapsing from its position as the world’s most valuable company.

The Cupertino company’s stock price hit an all-time high on Friday following a report on Thursday that the company was ramping up efforts to launch a vehicle.

Apple shares jumped more than 1% on Friday afternoon to exceed $ 160. After the release of the “Apple Car” report on Thursday, Apple’s share price jumped about 2.5%. The company’s shares closed at $ 160.55 after the bell rang on Friday.

At the end of October, Microsoft overtook Apple in terms of market valuation. After the surges on Thursday and Friday, Apple regained its position and dethroned Microsoft’s brief run as the world’s most valuable company.

Apple’s total market capitalization, which is calculated by multiplying the stock price by the number of shares outstanding, was $ 2.63 trillion as of the market close on Friday.

The Bloomberg A report on Thursday, citing sources familiar with Apple’s automotive development, said the company has decided to pursue a fully autonomous vehicle that might not have a steering wheel and pedals.

According to the report, Apple was aiming for an aggressive 2025 release timeline for its self-driving car. Recently, Apple’s special projects group – which works on the vehicle – took a key step in the development of a specialized chip to power the autonomous functionality of “Apple Car”.

Apple’s entry into the electric car space, which the company has yet to publicly confirm, would put it in direct competition with existing players like Tesla, Rivian and traditional carmakers pursuing an EV strategy.

Earlier Friday, Morgan Stanley analyst Katy Huberty predicted that the “Apple car” could “be a game-changer” for the auto industry. Wedbush’s Daniel Ives also predicted that Apple would announce some type of strategic electric vehicle partnership in 2022 to set the stage for a potential launch three years later.

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