[ad_1]
- On Friday, Microsoft’s market capitalization reached $2.89 trillion, knocking Apple out of the top spot.
- The company’s investments in AI have driven its stock price higher this year.
- Meanwhile, Apple’s business is becoming difficult due to slowing iPhone sales in China.
Microsoft on Friday dislodged longtime rival Apple from the top spot, ending its reign as the world’s most valuable publicly traded company.
The tech giant’s market capitalization reached $2.89 trillion, while Apple’s market cap decreased slightly to $2.87 trillion.
Much of Microsoft’s success is due to its AI adoption, centered around the company’s massive $10 billion investment in Sam Altman’s OpenAI.
This Thursday, Microsoft impressed developers with its AI capabilities at an event in San Francisco, with analysts saying they were “encouraged by the momentum around its most mature AI products,” as reported by CNBC. It is said that
The rise of artificial intelligence has captivated investors, driving the Nasdaq 100 index up nearly 54% last year.
And many analysts predict that the AI boom will continue until 2024.
“AI will continue to be a major theme in 2024, and we’ve only scratched the surface at this point,” Kathleen Brooks, founder of Minerva Analysis, previously told Business Insider.
Meanwhile, 2024 didn’t start out well for Apple.
The tech giant has been embroiled in a public legal battle that has prevented it from selling the Apple Watch in the U.S. and cost it three stock price drops so far in January.
The first downgrade by British bank Barclays wiped out more than $100 billion in market capitalization in a single day.
Apple’s troubles in China are expected to continue this year, as Chinese government officials are banned from using the California-based company’s devices and domestic rivals such as Huawei emerge.
Analysts at Jefferies recently said weak sales of the iPhone 15 in China led to a 30% year-over-year decline in iPhone 15 sales in the country.
[ad_2]
Source link
