Apple has surged past Microsoft to claim the title of the world’s most valuable company, propelled by investors’ enthusiasm for its new emphasis on artificial intelligence (AI). The integration of ChatGPT AI technology and the record-high share price boost signify a strategic shift for Apple, led by CEO Tim Cook.
Apple has surpassed Microsoft to become the world’s most valuable company, with investors welcoming its new focus on artificial intelligence (AI). As of the latest trading session on Wall Street, Apple shares surged over 5%, reaching a record high of above $218 per share. This increase brought Apple’s market value to more than $3.3 trillion (£2.6 trillion), edging out Microsoft’s valuation, which stands just under $3.3 trillion (£2.5 trillion). Nvidia holds its position as the third most valuable company globally, with a valuation exceeding $3 trillion (£2.3 trillion).
Apple’s recent gains can be attributed to its announcement earlier this week that it is partnering with OpenAI to integrate ChatGPT AI technology into its devices. This strategic move led to a 12% rise in Apple’s share price, adding approximately £290 billion to its market value. Tim Cook, Apple’s CEO, outlined the company’s AI integration plans, which include enhancing the Siri feature to provide responses using ChatGPT.
Despite this growth, some analysts express caution. Dan Coatsworth from AJ Bell mentioned that while Apple’s AI advancements have fueled its recent rally, ongoing issues such as sales concerns in China have yet to be resolved.
Michael James from Wedbush Securities commented that Apple’s integration of AI technologies addresses past concerns about the company lagging in AI development. The competition between Apple, Nvidia, and Microsoft for AI dominance is expected to continue in the coming year.
