Apple has taken the number 1 spot in market valuation after its stocks reached a record high.
On Friday, Apple share prices hit above $160 and more than 1 percent and 2.5 percent on Thursday after an Apple Car report was published. When the bell rang the stock ended up at $160.55.
Microsoft overtook Apple in October in market valuation, but the Cupertino-based company got its place back a month after. Apple’s total capitalization is estimated to be around $2.63 trillion in the closure.
The report on Thursday revealed how Apple’s car development was moving along and contained details such as the absence of driving mechanisms and the pursuit of a fully autonomous vehicle model. Also, the report mentioned that Apple is pursuing a 2025 release for the self-driving car, and that the company completed a special chip to power the car’s features.
Apple’s entry into the electric car industry will put it in competition with Tesla and other automotive companies.