Apple stock reaches record high after announcement of new AI features

Apple shares climbed more than 7% to a record high on Tuesday by market close, a day after presenting new artificial intelligence features meant to increase the appeal of its devices, including the iPhone, under the umbrella of "Apple Intelligence". The rally comes as a breather for the stock, which has underperformed versus the benchmark S&P 500 this year, as Apple grapples with weak sales for its premium consumer gadgets. Apple stands to add the better part of 200bn to its market value if the current stock price of 207 holds. At 3.18tn, its market capitalization is tens of billions shy of Microsoft's, the world's most valuable company. Nvidia, the largest benefactor of a boom in AI applications and number three in terms of market value, is at 2.97tn.