Microsoft takes over Apple in Tech Stocks
Microsoft takes over Apple in the Tech Stocks, so what does this now mean for the stocks and for those who are using the tech giant in their work and personal life?
In the middle of January, Microsoft surpassed Apple to become the world’s most valuable public company. As of the latest update, Microsoft’s market capitalisation, representing the total value of its shares, stood at $2.92 trillion, slightly edging out Apple’s $2.91 trillion.
This can be attributed largely to the increasing prominence of artificial intelligence. Although we are still in the early stages of AI development, the speculative allure of investments centered around AI has fueled the demand for tech stocks over the past year. As an illustration, Nvidia experienced a remarkable 213% surge in stock prices during this period, primarily fuelled by the excitement surrounding its AI-training computer chips.
In relation to AI development, Microsoft’s overtaking of Apple, doesn’t come as a huge surprise. “Microsoft has invested a tremendous amount of capital into its AI-focused sectors in recent years,” says Juan Bruce, co-founder of blockchain startup DSCVR, “I think we’re seeing this play out in terms of the recent ‘flippening’ of Apple in terms of market capitalisation.”
Certainly, Microsoft has been at the forefront of driving advancements in AI, seamlessly integrating AI across its diverse product range. It has also actively partnered with OpenAI, the developer of ChatGPT, utilising a supercomputer for training its models. On the contrary, Apple has been somewhat sluggish in effectively incorporating AI into its business operations thus far. Additionally, it has faced challenges, including tepid demand for its existing products and legal issues.
It’s true that big tech has been the star of Wall Street for several years now — but can that phenomenon last?
“The world is very tech-forward right now, and huge leaps and bounds are being made in terms of innovation and breakthroughs,” says Phillip Shoemaker, executive director at tech nonprofit Identity.com. “The tech sector is trying to tackle so many things at the same time that it’s hard to say it’s overvalued given the huge impact on the world.”
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