Apple shares surged by 7.26 percent to $207.15, a new record high, at closing on Tuesday following the tech giant’s announcement of its new artificial intelligence (AI) strategy, which includes implementing OpenAI’s ChatGPT in its devices in addition to its new ‘Apple Intelligence’ technology.
The surge in Apple shares made the company closer to gaining the title of the world’s most valuable company in hopes that the new features would propel demand for iPhones. Apple’s iPhone demand has been declining especially in Asian markets as investors saw the company lagging behind in AI adoption and innovation compared to other technology giants amid the race to dominate the emerging tech market.
Apple’s market capitalization reached $3.18 trillion, regaining its position as the second most valuable company from Nvidia and just behind Microsoft at $3.22 trillion. Nvidia’s market capitalization declined $2.97 trillion following its 5.2 percent surge earlier in the month, which classified it as the second most valuable company at $3.012 trillion.
The three tech giants are in a very tight race to gain the title of the world’s most valuable company. In January, Microsoft’s market value overtook Apple.
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At its Worldwide Developers Conference (WWDC) 2024 on Monday, Apple revealed several improvements, including the updates to virtual assistant Siri, its new iOS 18, and the new VisionOS 2 software for its Vision Pro headsets. Apple will make the new features available with its latest operating systems for iPhones, iPads, and Mac computers.
Investors now expect Apple’s shares to continue to rise following the developer event, citing an increase in demand as the company prepares to announce the new line of iPhones later in the year.
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