Apple briefly reclaimed its position as the world's most valuable company by stock price on Wednesday, temporarily surpassing Microsoft. The shift followed Apple's announcements of new AI features at its annual developers conference on Monday, which spurred investor interest.
Apple's ascent comes as the tech giant unveiled a new AI platform, Apple Intelligence, set to be integrated into the upcoming iOS 18 operating system. This technology, however, will be exclusive to Apple's highest-end devices, prompting customers to purchase premium hardware to access the advanced AI capabilities.
Despite losing its long-held top spot to Microsoft in January, due to the latter's aggressive launch of generative AI products under its CoPilot brand, Apple managed to edge out Microsoft for a few hours on Wednesday. Microsoft closed the day with a valuation of $3.27 trillion, narrowly maintaining its lead over Apple’s $3.26 trillion.
Apple CEO Tim Cook addressed the company's deliberate approach to integrating AI in an interview with Marques Brownlee. Cook emphasized that while Apple has always considered generative AI, it prioritized a thoughtful implementation. "It was always about pursuing it in a thoughtful way," Cook said, adding that the new technology is designed to minimize potential issues related to data privacy.
Analysts have warmed to the potential of Apple's AI initiatives, believing that the introduction of these features will incentivize the company's 1.5 billion users to upgrade their devices. Initially cautious, analysts now see the new AI capabilities as a significant driver for hardware upgrades among iPhone users.
[With AP inputs]
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