Apple surpassed Microsoft on Thursday to become the most valuable publicly traded company in the United States. This shift came after Apple’s annual Worldwide Developers Conference, where announcements about new generative AI features for iPhones drove its stock price higher.
Apple closed Thursday with a market capitalization of approximately $3.29 trillion, exceeding Microsoft’s $3.28 trillion. Apple’s stock rose by 0.6% on Thursday and has gained 8.8% so far this week. Meanwhile, Microsoft’s shares saw a modest increase of 0.1% on the same day.
This achievement for Apple follows Nvidia’s recent overtaking of Apple on June 5 to become the second-largest public company in the US. Nvidia now holds the third position, trailing behind Microsoft.
Earlier this week, Apple revealed a partnership with OpenAI, the creator of ChatGPT, to enhance features on its phones. While this collaboration is expected to provide significant benefits to Apple, the company has faced criticism for aligning itself with a technology that has yet to gain full public trust. Concerns have been raised, particularly regarding privacy implications as user inputs may be incorporated into ChatGPT’s data set.
Nevertheless, Apple’s strong focus on AI could potentially drive growth in iPhone sales and services for years to come. This strategic move comes at a time when consumers are holding onto their devices longer amid economic uncertainties, particularly in China. Additionally, Apple continues to navigate regulatory challenges in Washington as it expands its technological innovations.
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