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Apple Becomes World's Most Valuable on AI Plans

Apple has surpassed Microsoft to become the world's most valuable company, Apple’s market cap soaring to $3.3 trillion
June 13, 2024

In a remarkable turn of events, Apple has overtaken Microsoft to become the world's most valuable company, following its ambitious leap into artificial intelligence announced at its developers conference on Monday.

As of 10:45 a.m. ET on Wednesday, Apple’s market capitalization reached a staggering $3.3 trillion, surpassing Microsoft’s $3.2 trillion. This milestone came after Apple's shares surged over 7% to an all-time high on Tuesday, fueled by investor excitement over its comprehensive AI integration plans.

The momentum continued on Wednesday, with Apple shares climbing an additional 4% at the start of trading. The tech giant unveiled plans to incorporate generative AI technology across its suite of native apps and latest devices. These features include advanced writing assistance and AI-generated emojis, branded collectively as Apple Intelligence.

Analysts from Morgan Stanley, Evercore, and Bank of America are bullish on Apple’s AI advancements. They predict these new features will drive a significant increase in iPhone sales. Evercore analysts highlighted that limiting Apple Intelligence to the newest iPhone models could ignite an “iPhone super cycle,” prompting a surge in upgrades and purchases.

The competition for the top spot among tech giants is fierce. Microsoft had previously surpassed Apple’s market cap earlier this year, and Nvidia briefly claimed the position of the second-most valuable U.S. public company this month. 

Interestingly, Microsoft stands to benefit from Apple’s AI expansion. Apple's integration of OpenAI’s large-language models as a feature for its users links directly to Microsoft, a major investor in OpenAI. Microsoft’s Azure cloud services, which have grown significantly due to the adoption of OpenAI’s technology, are likely to see further gains as a result.

Apple's strategic AI push has not only secured its position as the most valuable company in the world but also set the stage for a new era of innovation and competition in the tech industry. With AI at the forefront, both Apple and Microsoft are poised to redefine the future of technology.

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