Microsoft overtakes Apple, becomes world’s most valuable company
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London (Uttam Hindu News): Microsoft has overtaken Apple to become the world’s largest company by market value as the artificial intelligence boom brings a new twist to the decades-long rivalry between the two Big Tech groups. . This was said in media reports. The software company’s shares rose nearly 1 percent in early trading Thursday to give it a market value of $2.87 trillion, slightly ahead of the iPhone maker, whose shares fell nearly 1 percent. As morning trading continued in New York, the pair exchanged top positions several times.
Investor excitement about the new wave of generic AI has boosted shares of Microsoft, the biggest backer of OpenAI, maker of the popular AI-powered chatbot ChatGPIT, the Financial Times reports. Apple has largely been left out of the AI enthusiasm that has inspired Microsoft, which is Ops’ biggest supporter and cloud hosting provider as well as a leader in deploying AI chatbots in its search and workplace products.
At the same time, concerns about weak iPhone sales – particularly in China – in the first few days of 2024 have weighed on Apple’s stock, leading to a downgrade by Wall Street analysts, the Financial Times reports. Apple and Microsoft have been rivals since the 1980s, when the company founded by Steve Jobs and Steve Wozniak accused Bill Gates’s Windows maker of stealing the “look and feel” of its Macintosh computer software. Apple lost a high-profile copyright lawsuit targeting Windows in the early 1990s, clearing the way for Microsoft to dominate the PC market for decades.
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