Apple CEO Cook attended the annual Developers Conference event held at the company’s headquarters in Cupertino, California on June 10, 2024.
Carlos Barria | Reuters
apple transcend Microsoft On Wednesday, it became the world’s most valuable company after announcing its move into artificial intelligence during a developer conference keynote on Monday.
As of about 10:45 a.m. ET, Apple’s market capitalization was $3.3 trillion, surpassing Microsoft’s $3.2 trillion market capitalization. Shares of Apple surged more than 7% to a record high on Tuesday as investors digested Apple’s plans to expand artificial intelligence across its range of devices.
That enthusiasm continued into Wednesday’s trading day, with the stock up about 4% at the start of the session. Apple has announced that it will incorporate generative artificial intelligence technology into its native apps and latest devices, with features ranging from writing assistance technology to generative AI-generated emojis.
Analysts at Morgan Stanley, Evercore and Bank of America said in a note to investors this week that Apple’s new artificial intelligence capabilities, known as Apple Intelligence, will drive purchases of new iPhones. Evercore analysts wrote: “Limiting Apple Intelligence to iPhones sold in the past year reinforces our belief that artificial intelligence can help kick off the iPhone super cycle.”
There is a battle for the top. Earlier this year, Microsoft’s market value surpassed Apple’s. At the beginning of this month, Nvidia It surpassed Apple and briefly became the second largest listed company in the United States by market value.
Microsoft could also be a beneficiary of Apple’s artificial intelligence ambitions. The iPhone maker announced that it will make OpenAI’s large language model a feature available to its users, with additional models to be rolled out over time. Microsoft is one of the largest investors in OpenAI, and its Azure cloud service has recently seen growth driven by widespread adoption of the OpenAI model.
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