Apple reclaims its position as the most valued company in the world, surpassing Microsoft. The company lost its top position after its competitors, Microsoft and Google-owner Alphabet, entered the growing field of Artificial Intelligence. As per Barron’s, “Apple, which had taken its time to formulate its AI strategy, lost its long-held top spot in January as investors rewarded Microsoft’s unabashed rollout of new generative AI products under its CoPilot brand.”
However, the tides are turning. At a recent Worldwide Developers Conference, Apple made a groundbreaking announcement—the new iOS update will seamlessly integrate with GenAI features. This move has not only solidified Apple’s position in the market but also sparked a rise in its share value.
Tim Cook, CEO of the company, mentioned at the conference, “As we look to build in these incredible new capabilities, we want to ensure that the outcome reflects the principles at the core of our products; it has to be powerful enough to help with the things that matter most to you. It has to be intuitive and easy to use. It has to be deeply integrated into your product experiences.” He further added, “Most importantly, it has to understand you and be grounded in your personal context, like your routine, your relationships, your communications, and more. And, of course, it has to be built with privacy from the ground up.”
Soon after the news broke out, the price of Apple shares reached an all-time high, as mentioned in the report of Times of India report. Also, there were some concerns about Apple’s weak performance, as it soared relatively less than its peers. Microsoft’s share price rose by 16%, Alphabet’s share price increased by 28%, whereas Apple’s share increased by 10%. These concerns regarding the weekly performance of the share price are mitigated by the better-than-expected quarterly performance.
