Key points:

  • Apple shares rose more than 7% on Tuesday, reaching $207.15.
  • At its annual developer event, Apple unveiled updates to Siri as well as AI features for iPhone, iPad and Mac.
  • Four more states have joined the US Department of Justice’s lawsuit against Apple, for a total of 20 states.

On Tuesday, Apple shares showed rapid growth, rising more than 7%. This allowed the company to almost catch up with Microsoft in the fight for the title of the most valuable company in the world. The rise in Apple’s stock prices came the day after the presentation of new artificial intelligence features designed to stimulate demand for the iPhone.

Apple’s growth

Apple shares rose Tuesday even though the company lags the S&P 500 in 2024, driven by falling iPhone sales and concerns on Wall Street that Apple is falling behind other tech giants in the race for dominance. in the field of new artificial intelligence technologies.

Despite these concerns, Apple shares rose 7.3% to finish the day at $207.15. With a market capitalization of $3.18 trillion, Apple is still slightly behind Microsoft, whose capitalization is $3.22 trillion. However, Apple is again ahead of Nvidia, a manufacturer of artificial intelligence chips, whose capitalization is $2.97 trillion.

iPhone manufacturer conference

At its annual developer event on Monday, Apple unveiled a number of significant updates, including an improved version of its virtual assistant Siri. The new Siri has enhanced capabilities, allowing you to answer a wider range of queries and perform more complex tasks than previous versions.

In addition to Siri, Apple also showed off a number of artificial intelligence features that will be integrated into apps shipped with the latest operating systems for iPhone, iPad, and Mac computers. These AI features are designed to improve the user experience and enhance the capabilities of Apple devices.

In response to Apple’s presentation, at least 13 analysts raised their price targets for the company’s shares. Some experts believe the features could boost sales, especially ahead of the announcement of new iPhone models in the fall.

Four more states join monopoly lawsuit against Apple

However, along with its success, Apple is also experiencing problems. The US Department of Justice today announced that four more states – Indiana, Massachusetts, Nevada and Washington – have joined its lawsuit against Apple Inc., accusing the company of violating antitrust laws. This brings the total number of states supporting the lawsuit to 20.

The original lawsuit was filed in March of this year with support from 15 states and the District of Columbia. It alleges that Apple abuses its dominant position in the smartphone market to extract unreasonably high profits from consumers, app developers, content creators, artists, publishers, small businesses and retailers.

As part of an antitrust lawsuit against Apple Inc. The US Department of Justice (DOJ) has filed a series of serious charges alleging that the company abuses its dominant position in the smartphone market to make undue profits at the expense of consumers, app developers, content creators, artists, publishers, small businesses and individual traders.

The DOJ states that Apple engages in a variety of anti-competitive practices, including:

  • Imposing strict contractual restrictions on app developers, prohibiting them from offering their apps on other app stores or directly to consumers.
  • Restricting access to key iPhone features for developers who do not use Apple’s In-App Purchase payment system.
  • Inflating prices for applications and in-app purchases in the App Store.

As a result of these actions, according to the DOJ, Apple receives unfairly high profits. As an example, the ministry cites iPhone prices, which it claims can reach $1,599, which is significantly higher than competitors’ offers. The DOJ also states that Apple charges hidden fees to various business partners, which ultimately results in higher prices for consumers.