In a surprising turn of events, Apple has surpassed Microsoft to claim the title of the most valuable public company in the United States. The announcement came after Apple’s annual Worldwide Developers Conference, where they unveiled generative AI features for iPhones that caused their stock to soar.
Apple’s market cap closed at approximately $3.29 trillion on Thursday, just slightly above Microsoft’s $3.28 trillion. Apple’s shares rose 0.6% on Thursday and have seen an increase of 8.8% so far this week, while Microsoft’s shares only rose 0.1% on Thursday.
This victory for Apple comes just a week after Nvidia surpassed them to become the second-largest public US company, with Nvidia now ranking third behind Microsoft.
In another bold move, Apple announced a partnership with ChatGPT creator OpenAI on Monday to power some of its phone’s features. While this partnership is expected to give the company a boost, some critics have raised concerns about user privacy and trust issues, especially as ChatGPT incorporates user inputs into its data set. This move could pose privacy challenges for a company that has always prioritized user safety and anonymity.
Despite these criticisms, Apple’s focus on AI could lead to increased growth in iPhone sales and services in the future. Users are holding onto their devices for longer periods, and economic uncertainties, especially in China, are impacting consumer behavior. Additionally, Apple is also facing regulatory scrutiny in Washington.
Overall, Apple’s recent achievements and announcements are sure to have a significant impact on the tech industry and the company’s future growth trajectory.