During the recent surge in AI excitement, Microsoft briefly surpassed Apple to become the most valuable company.

During the recent surge in AI excitement, Microsoft briefly surpassed Apple to become the most valuable company.

AI has been incorporated into products by Microsoft and Google.

Microsoft and Google are incorporating more artificial intelligence into their products.

For a short period of time, Microsoft surpassed Apple as the top-ranking company in terms of value. This is due to their advancements in generative artificial intelligence, which is driving up their stock value.

On Thursday, the value of the software company increased by 2%, reaching a market worth of $2.903 trillion. Meanwhile, Apple’s market value decreased by 0.9%, causing their market cap to fall to $2.871 trillion. This is the first time since 2021 that Microsoft’s value has surpassed that of Apple’s.

However, by Thursday afternoon, Apple had reclaimed its position as the most valuable company, as Microsoft’s worth dropped to $2.849 trillion.

The statement says that the increase in profits is mostly attributed to the efforts of the company, based in Redmond, Washington, to incorporate AI technology into its cloud computing operations.

investment in OpenAI

In the beginning of 2023, Microsoft significantly increased its efforts in the field of artificial intelligence by declaring a $10 billion investment in OpenAI.

Investing in OpenAI, led by Sam Altman, over the course of several years.

“ChatGPT, the disruptive technology created by the startup,”

Caused a major impact globally in the year 2023.

Sam Altman is once again assuming the role of CEO at OpenAI.

Apple became the first American company to achieve a market value of $3 trillion. back in 2022

declining revenue from the corporation’s iPhone sales

The company’s profits have been significantly impacted by these, causing a decline in their stock value below a significant point. Despite being one of the newest players in the popular AI market, they have not experienced the same stock growth as Microsoft and other companies utilizing AI.

According to the financial website Motley Fool, large technology corporations such as Google, Amazon, and Meta have experienced a rise in their stock values after revealing their intentions to create AI-driven chatbots or incorporate the technology into their various offerings and processes. This information was gathered by Wall Street Zen, a stock research platform, which found that companies who mentioned AI in their plans saw an average increase of 4.6% in their stock prices, while those who did not only saw a 2.4% increase.

Elizabeth Napolitano

Source: cbsnews.com