AI-powered Apple overtakes Microsoft as world's most valuable company
The Hindu
Apple once again became the world’s most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.
Apple once again became the world's most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.
Its shares jumped nearly 4% to a record $215.04, giving it a market valuation of $3.29 trillion. Microsoft's market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months.
The stock surge comes as the tech-heavy Nasdaq hit a record high on fresh signs of cooling inflation.
Apple shares had added more than 7% in the previous session, a day after it unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales.
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At Apple's annual developer conference on Monday, executives, including CEO Tim Cook, touted how voice assistant Siri would be able to interact with messages, emails, calendar as well as third-party apps.
"All those questions about Apple lagging from an AI technology standpoint were answered at the Worldwide Developers Conference," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
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