Apple has strongly ridden the wave of artificial intelligence. The company has regained some lost ground by partnering with OpenAI to integrate ChatGPT with its personal assistant Siri. After that agreement, it skyrocketed on the stock market and in less than a week it went from being relegated by Nvidia to third place, to surpassing Microsoft and once again becoming the company with the largest market capitalization in the world.
Apple has recorded its biggest rise in the stock market in three days since August 2020. It closed this Thursday’s session with a market capitalization of 3.285 billion dollars, compared to 3.282 billion for Microsoft. It’s the first time since January that Apple closes with a market value higher than that of Microsoft. Nvidia is third with 3.19 billion.
“People have a high degree of conviction that it’s going to be an AI winner, and it seems like this is a market where if you’re an AI winner, you’re getting bid up a lot,” said Rhys Williams, chief strategist at Wayve. Capital Management, in statements collected by Bloomberg. “My guess is that both Microsoft and Apple will be in a bit of a horse race for the foreseeable future, with Nvidia also in the running,” he added.
The company based in Cupertino, California, has accumulated a revaluation of 15% so far this year and 16.5% in 12 months, which pales in comparison to the advances of Nvidia and Microsoft, but is trading at all-time highs and is once again be the first in the classification.
Almost all of Apple’s rise has been accumulated in the last three sessions, including the biggest one-day rise since November 2022, achieved on Tuesday. The three-day jump of around 11% has added $323.9 billion to its market capitalization.
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