Apple briefly some time yesterday as the world’s most valuable company, surpassing Microsoft in terms of market value for a few hours.
The first company to hit a $3 trillion market cap earlier in 2024, Apple has been in the shadow of Microsoft for the past few months, but the former's recent unveiling of its long-awaited AI platform at WWDC 2024 helped raise it to the top spot.
Apple’s market capitalization hit an impressive $3.3 trillion, edging out Microsoft’s $3.2 trillion, but only for a brief few hours before the latter's share prices restored the order of recent months.
Apple and Microsoft are in a battle for first place
Investors had been eagerly anticipating Apple’s AI strategy after more than a year of development from rival companies Microsoft and Google, with the company’s shares surging over 7% on Tuesday to reach a record high, before rising a further 2.8% on Wednesday.
The iPhone maker’s generative AI solution, branded Apple Intelligence, comprises the usual text and image generation functionalities. However deeper integration enables a more personal experience, and its partly on-device processing aligns with the company’s ongoing commitment to privacy.
Due to the nature of Apple Intelligence, its requirement for the company’s most powerful chips will limit it to M-series Macs and iPads. The technology also requires access to A17 Pro chips, limiting it to the iPhone 15 Pro and 15 Pro Max models.
Analysts have predicted that this will help drive new iPhone sales, creating a new cycle driven by AI.
Apple shares currently stand at $213.07, down from a post-WWDC high of $219.75 but up from a pre-WWDC level of $193.12.
However, collaboration across the tech industry could see Microsoft benefit from Apple’s AI announcement. Though rival companies, Apple has committed to integrating OpenAI’s GPT models into its extended AI functionalities, and with Microsoft being a heavily investor in the startup all three companies could be in for a healthy boost.
More from TechRadar Pro
- These are the best AI tools and best AI writers around today
- Fancy yourself an upgrade? Check out the best iPhones
- Nvidia was officially more valuable than Apple — for a couple of hours, at least
