Apple wrestled back the title of world’s most valuable company by market capitalization from Microsoft for a short time on Wednesday.
The surge came after Apple unveiled its new AI platform, Apple Intelligence, at its developer conference earlier this week.
Apple’s stock price soared following the announcement, briefly surpassing Microsoft’s.
This shift comes after Microsoft had enjoyed the top spot since January, benefitting from investor confidence in its aggressive AI strategy under the CoPilot brand.
Apple’s AI platform, however, will be exclusive to its high-end devices.
This means users will need to purchase newer iPhones or iPads to experience the new features.
Analysts initially expressed skepticism, but now believe the allure of AI might incentivize users to upgrade.
In a recent interview, Apple CEO Tim Cook addressed the company’s cautious approach to AI development.
He acknowledged the potential risks of generative AI technology but emphasized Apple’s commitment to responsible implementation, prioritizing user privacy.
Apple’s return to the top, albeit temporary, signifies the intense competition in the tech industry.
The company’s success with its new AI platform remains to be seen, but it has certainly sparked investor interest and potentially a new upgrade cycle for Apple devices.
