This battle had been won by Microsoft since January 24 and maintained for the last 96 sessions, maintaining the title of most valuable American company, but today Apple put an end to it.
The Apple market capitalization surpassed that of Microsoft in intraday action, placing the iPhone maker ahead of the close of the session, as the most valuable American company of the world, that is, if the current trend continues.
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Apple’s intraday market capitalization is now $3.256 trillion, according to Dow Jones Market Data, with shares up 5.2% and extending Tuesday’s gains, reaching a green 11 over the past five days. %. Microsoft’s intraday market capitalization is $3.249 trillion, with that stock up 1.3%.
This battle had been won by Microsoft since January 24 and had been maintained for the last 96 sessions, maintaining the title of most valuable American company. In a dramatic turn of events, Apple rose to overtake Microsoft as the world’s most valuable company.
What is driving this phenomenon?
It’s all about artificial intelligence. At Apple’s Worldwide Developers Conference this week, the company unveiled a host of new AI features and improvements across its various platforms and devices, as reported Ambit.
One of the biggest announcements was about Siri, Apple’s voice assistant. In autumn, Siri will be able to respond to requests to send messages, check emails and manage your calendar, all while working with third-party applications. Apple also announced new AI-powered features in the Photos app, on-device voice recognition for third-party developers, and more.
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The news was enough to send Apple’s stock price soaring to new heights.. The stock closed at a record $211.75 on Wednesday, rising more than 2% and following a 3% rise on Tuesday.
Apple’s leadership in the AI space is far from final. The company’s digital assistant is widely considered to be behind Google Assistant and Amazon’s Alexa in capabilities, and Apple’s focus on privacy in AI—which involves processing more user data on the device and less in the cloud— , arguably puts him at a disadvantage.
But perception is often more important than reality, and it appears investors are buying into Apple’s AI vision. Even though Apple’s AI efforts are in progress, the company has managed to capture the imagination of money managers in a way it hasn’t in a while.
