Apple has edged past Microsoft to become the most valuable public company in the United States. The tech giant’s market cap closed at roughly $3.29 trillion, slightly above Microsoft’s $3.28 trillion. This shift in position was driven by announcements made at Apple’s annual Worldwide Developers Conference, which included the introduction of generative AI features for iPhones.
The iPhone maker’s comeback comes just a week after Nvidia surpassed it to become the second-largest public US company. However, Nvidia now ranks third, behind Microsoft. Apple also announced a partnership with ChatGPT creator OpenAI to power some of its phone’s features. This move, while potentially beneficial, has raised criticism due to potential privacy challenges down the road.
Despite these concerns, the push into AI could spur growth for iPhone sales and services for years to come. This is particularly relevant as users are now waiting longer to upgrade their devices and an uncertain economic environment weighs on consumers, especially in China. The company also faces regulatory scrutiny in Washington.
Read more: finance.yahoo.com