Apple Inc.’s market capitalization reached $3.24 trillion on Wednesday, retaking its crown as the largest public company in the world from Microsoft Corporation, whose market capitalization currently stands at $3.23 trillion.
This milestone comes as Apple’s stock surged to an all-time high following significant announcements at this year’s Worldwide Developers Conference (WWDC).
Stock performance and market impact
At 9:45 am ET, Apple’s stock rose by 2.24%, trading at $211.79 per share. Meanwhile, Microsoft’s shares also saw an increase, rising 0.68% to $435.63 per share at 9:46 am ET.
The boost in Apple’s stock can be attributed to the company’s recent disclosure of its plans to incorporate ChatGPT into its iOS, iPadOS, and macOS platforms.
This integration of advanced artificial intelligence is seen as a strategic move to enhance user experience and maintain Apple’s competitive edge in the tech industry.
ChatGPT integration announcement
During the WWDC, Apple announced its intentions to integrate ChatGPT, an advanced AI language model developed by OpenAI, into its operating systems.
This integration aims to leverage AI capabilities to provide more personalized and intelligent user interactions across Apple devices.
The announcement has generated significant investor interest, reflecting in the surge in Apple’s stock price and market capitalization.
The incorporation of ChatGPT into Apple’s ecosystem is expected to enhance various functionalities, including Siri’s performance, text prediction, and other AI-driven applications.
By embedding cutting-edge AI into its products, Apple aims to maintain its innovation leadership and drive further growth in its user base.
Market capitalization milestones
Apple’s market capitalization reaching $3.24 trillion underscores the company’s strong market position and investor confidence.
This milestone marks a significant recovery and growth trajectory for Apple, reaffirming its status as a dominant player in the global technology sector.
The close competition with Microsoft, whose market cap stands at $3.23 trillion, highlights the dynamic and competitive nature of the tech industry.
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