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Wow! Did you hear the news? Microsoft has overtaken Apple to become the most valued public company with a market cap of $2.89 trillion. Apple closed at $2.87 trillion at the end of Friday’s trading session.
What an incredible year for Microsoft! They’ve gained around $1 trillion in valuation over the past year, thanks to their shift to AI technologies.
Apple stocks surged 48% in the previous year. However, its shares have been down 3% so far in 2024. On the other hand, Microsoft saw a 57% increase in market cap last year, along with a 3% surge in 2024.
Experts believe that the companies that will lead the next decade will be the ones that are proactive in embracing AI tech. And guess what? Satya Nadella’s bet on AI has started to show results for the company. Microsoft has invested billion in OpenAI — the AI giant behind the revolutionary ChatGPT.
Apart from its close ties to OpenAI, Microsoft has launched its Copilot assistant, which has proven to be a game-changer for the company. It is the ultimate personal assistant for the Windows system.
Apple, on the other hand, has been having a tough time. It has been searching for its “next big thing” for a few years now and has also been struggling in China — its 5th largest market.
AI will carry on being a dominant theme in 2024 — we’re kind of only scratching the surface of it at the moment.Kathleen Brooks, founder of Minerva Analysis
Similarly, several experts and tech companies are banking on AI to dominate the market. As seen by market valuations, organizations that can adapt quickly to these changes will lead the next generation of technologies.
Apple needs to buckle up and charge at a rate of knots towards this AI transformation,
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