Apple’s stock rallied for a second consecutive day following news of its partnership with Alibaba to launch AI-equipped iPhones in China.
On Wednesday, Apple shares rose 1.83% to $236.87 on the New York Stock Exchange, pushing the company’s market capitalization to $3.558 trillion and further solidifying its position as the world’s most valuable company.
The previous day, Apple had already posted a strong 2.18% gain.
The surge follows Apple’s announcement of a collaboration with Alibaba to introduce AI-enabled iPhones in China.
Apple has struggled with declining sales in the country, mainly due to regulatory barriers that blocked the launch of AI-enhanced models.
The partnership with Alibaba has fueled investor optimism, with expectations that it could help revive sales. This positive sentiment appears to be driving Apple’s back-to-back 2% gains.
Alibaba also benefited from the news, with its shares climbing 1.83% on the New York Stock Exchange, reaching a two-year high.