Apple, a US technology company, has surpassed $1 trillion in brand value, a 15% increase from the previous year, according to a global ranking released on Wednesday by Kantar's BrandZ.

For the third consecutive year, the manufacturer of iPhones will continue to be the most valuable brand in the world in 2024, according to Kantar. Google, a division of Alphabet, came in second at $753 billion, followed by Microsoft at $713 billion.

Apple debuted new AI features earlier this week, which are anticipated to boost demand for iPhones and stop the device's sales drop caused by erratic consumer spending and resurgent tech competitors. The iPhone is Apple's best-selling product. Apple's market capitalization of $3.18 trillion placed it just ahead of AI chip giant Nvidia at $2.97 trillion and behind Microsoft at $3.22 trillion.

Nvidia has made its debut in Kantar's ranking of the top 10 most valuable brands in the world, riding a wave of enthusiasm surrounding artificial intelligence and a surge in chip demand. According to the consulting firm, Nvidia's brand value almost tripled to over $200 billion from a year ago, placing it as the sixth most valuable brand. According to Kantar, what really distinguishes Nvidia is the confidence that both institutional and retail investors have in the company's pivotal role in the most disruptive technological stories, which include advancements like generative artificial intelligence, autonomous mobility, and spatial computing.

The consulting firm reported that 21,000 distinct brands across 54 markets and over 4.3 million customer interviews across 532 categories were covered in its research.