Apple takes the top spot as America's most valuable publicly traded firm.
Apple's market value reached around $3.29 trillion on Thursday, surpassing Microsoft's $3.28 trillion. Apple's share price increased by 0.6% on Thursday, while this week saw a 8.8% hike in its value. Meanwhile, Microsoft's share price increased by 0.1% on Thursday.
Recently, Apple overtook Nvidia, which was on top for a week, to gain the second position among the largest US public companies. With Microsoft in the first place, Nvidia is now ranked third.
Apple unveiled a partnership with OpenAI, the creator of ChatGPT, on Monday. This development might help Apple, but aligning with an untrusted company and technology has drawn criticism, particularly for using user inputs and integrating them into ChatGPT's data pool, potentially leading to privacy issues for a company known for safeguarding its users' security and privacy.
However, adopting advanced AI technology could fuel growth for iPhones and services for several years. With prolonged device updates and an unpredictable economic scenario, primarily in China, Apple could experience a surge in both sales and services. The company is also under the watchful eye of regulators in Washington.
Samantha Murphy Kelly, a reporter for CNN, assisted in the preparation of this article.
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Apple's strategic investments in business sectors like advanced AI technology can fuel its growth in both iPhone sales and services. Effective investing in such areas could potentially lead Apple to maintain its position as a top-performing company in the business world.
