Subj : Apple's AI reveal briefly helped it overtake Microsoft and be the
To   : All
From : TechnologyDaily
Date : Thu Jun 13 2024 14:15:05

Apple's AI reveal briefly helped it overtake Microsoft and be the worlds most 
valuable company

Date:
Thu, 13 Jun 2024 13:02:11 +0000

Description:
Apple just overtook Microsoft as the worlds most valuable company following 
its AI announcement, but not for long.

FULL STORY
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Apple briefly some time yesterday as the worlds 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. 

Apples market capitalization hit an impressive $3.3 trillion, edging out 
Microsofts $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 Apples AI strategy after more than a 
year of development from rival companies Microsoft and Google, with the 
companys shares surging over 7% on Tuesday to reach a record high, before 
rising a further 2.8% on Wednesday. 

The iPhone makers 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 companys ongoing commitment to privacy. 

Due to the nature of Apple Intelligence, its requirement for the companys 
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 Apples AI announcement. Though rival companies, Apple has committed to 
integrating OpenAIs 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



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Link to news story:
https://www.techradar.com/pro/apples-ai-reveal-briefly-helped-it-overtake-micr
osoft-and-be-the-worlds-most-valuable-company


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