Apple briefly reclaimed its position as the world’s most valuable company by market capitalization on Wednesday, overtaking Microsoft for a few hours.
Apple’s stock price hit a record high on Wall Street yesterday after the American tech giant announced new AI features for its iPhone during the annual developers’ conference last Monday.
Apple, which took a long time to develop its own AI strategy, lost the top spot last January when Microsoft attracted investors with the release of new AI products under its “Copilot” brand.
For a few hours on Wednesday, Microsoft lost the top position but managed to regain it by the end of the day with a valuation of $3.27 trillion, narrowly surpassing Apple’s $3.26 trillion. Both companies’ shares are traded on the Nasdaq stock exchange in New York.
Last Monday, Apple unveiled a new AI platform called “Apple Intelligence,” which will be gradually integrated into the new iOS 18 operating system.
However, this technology will only be available on Apple’s most advanced devices, forcing interested users to pay higher prices to access AI features.
Analysts believe the new iPhone features will encourage the company’s 1.5 billion user base to upgrade their phones to benefit from AI capabilities.
In an interview, Apple CEO Tim Cook explained that the company has carefully embraced generative AI technology, which has its downsides. He stated that technology like “ChatGPT” was never ruled out.
He told the “Marques Brownlee” podcast that “it was always about pursuing it thoughtfully.”
He added, “We implemented it in ways that are unlikely to create problems regarding data privacy violations.”
saource: lualuatv
