The company edged out Microsoft in Wednesday morning trading, reaching a market cap of $3.244 trillion.
Investors had long been waiting for Apple to unveil its AI plans after competitors at Microsoft and Google had already done so.on Wednesday to become the most valuable company in the world, after it announced its push into artificial intelligence during its developer conference keynote on Monday.Apple had a market cap of $3.3 trillion as of about 10:45 a.m. ET, edging out Microsoft's market cap of $3.2 trillion.
That enthusiasm continued into Wednesday's trading session with shares rising about 4% to begin the trading day. Apple announced it would weave generative AI technology across its native apps and its latest devices, with features ranging from writing-assistance technology to generative AI-generated emoji.
Morgan Stanley, Evercore and Bank of America analysts said in notes to investors this week that Apple's new AI features, called Apple Intelligence, will drive users to."Restricting Apple Intelligence to iPhones sold within the last year adds to our conviction that AI can help kick off an iPhone super cycle," Evercore analysts wrote.Microsoft is also likely to be a beneficiary of Apple's A.I. ambitions.
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