Apple Surpasses Microsoft to Become Most Valuable US Public Company
Apple has reclaimed its title as the most valuable public company in the United States, surpassing Microsoft on Thursday. The tech giant’s stock surged following announcements at its annual Worldwide Developers Conference (WWDC), including new generative AI features for iPhones.
Apple’s market capitalization closed at approximately $3.29 trillion, edging out Microsoft’s $3.28 trillion. Apple shares increased by 0.6% on Thursday and have seen an 8.8% rise over the week. In comparison, Microsoft shares experienced a modest 0.1% gain on the same day.
This comeback follows Nvidia’s brief rise to the second-largest US public company on June 5. Nvidia now holds the third position, trailing behind Microsoft.
A significant highlight of Apple’s recent announcements is its partnership with OpenAI, the creator of ChatGPT, to enhance some iPhone features. While this collaboration is expected to boost Apple’s market position, it has sparked criticism due to potential privacy concerns. The integration of user inputs into ChatGPT’s data set has raised questions about user privacy and data security, challenging Apple’s long-standing commitment to user safety and anonymity.
Despite these concerns, the AI push could drive growth in iPhone sales and services, especially as consumers are extending the lifespan of their devices amid economic uncertainties, particularly in China. However, Apple continues to face regulatory scrutiny in Washington.
