There’s a significant reversal of fortunes, Apple Inc. dethroned Microsoft as the world’s largest company by market value on Wednesday, reclaiming the top spot it once held.
Apple’s stock is on a roll, riding the wave of enthusiasm generated by the AI-packed iPhone features revealed at the company’s developer conference, sending its market value soaring.
Microsoft’s audacious bet on AI paid dividends in January, as its Copilot launch upstaged Apple’s more cautious approach, sending Microsoft’s stock surging and knocking Apple off its perch.
By 1530 GMT, Apple’s market capitalization had reached a staggering $3.33 trillion, edging past Microsoft’s $3.26 trillion. Both tech titans are listed on the renowned Nasdaq exchange in New York, a global center of commerce.
Apple has lifted the curtain on its latest innovation – Apple Intelligence, a cutting-edge AI platform poised to revolutionize the iPhone experience. This groundbreaking technology will be integrated into the upcoming iOS 18 update.
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Apple’s decision to limit its AI capabilities to high-end hardware means that only those willing to shell out top dollar will have access to the latest innovation. This move solidifies the company’s commitment to premium quality and exclusivity.
The iPhone’s AI features have won over analysts, who now predict a significant uptick in device upgrades. With 1.5 billion users eager to experience the future of smartphones, Apple’s latest innovation is poised to drive sales through the roof.
Daniel Ives, a senior analyst at Wedbush Securities, explained that the Street’s belated positive response was a result of investors eventually recognizing that the AI revolution would be spearheaded by consumer adoption of Apple’s devices over the next year, paving the way for significant growth.
