The company’s shares rose sharply after the unveiling of its artificial intelligence initiative, Apple Intelligence.
On July 9, Apple shares reached their highest price ever. The share price closed trading at nearly $229, raising the tech giant’s capitalization to more than $3.5 trillion. Quartz wrote this the day before, on July 9.
This is the highest amount ever achieved by any company.
Despite a slow start to the year, Apple’s share price has risen since the company unveiled its artificial intelligence initiative, Apple Intelligence, at its annual Worldwide Developers Conference in June.
Before the presentation of Apple Intelligence, Apple was silent on artificial intelligence, but now the company is getting in. Apple is working with OpenAI to bring ChatGPT to the next iPhone, iPad and Mac operating systems, and last week it won a seat on OpenAI’s board of directors. Apple’s historic rival Microsoft is also on the startup’s board of directors.
Apple and Microsoft are fighting to be the most valuable company in the world. Microsoft’s push into artificial intelligence over the past year helped it surpass Apple’s market capitalization for the first time since 2021 in January.
However, Apple has now caught up with Microsoft – and has become the most valuable company in existence (in terms of market capitalization).
In turn, Wedbush analyst Dan Ives predicted that Apple, Nvidia and Microsoft will reach a market capitalization of $4 trillion next year.
We previously wrote that Apple is focusing on automating its production. The Information report states that Apple has ordered managers to “reduce the number of workers on the final iPhone assembly lines by 50% over the next few years.”
It was also announced that parent company Facebook is in talks with Apple to integrate Meta Platforms’ generative AI model into Apple Intelligence, its recently announced AI system for the iPhone and other devices.
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Source: korrespondent
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.