Two tech giants are competing for the title of the world's most valuable company.
Microsoft has overtaken Apple for the first time since 2021 to become the world's most valuable company by market capitalization – which measures the value and number of a company's shares.
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Microsoft outperformed Apple at several points throughout Thursday's trading on the New York Stock Exchange (NYSE) when its value reached $2.87 trillion (£2.25 trillion) and Apple shares fell 1%.
But Apple regained first place as the trading day went on.
This latest move comes on the back of a major investment in artificial intelligence (AI) by Microsoft.
She is the biggest supporter of OpenAIthe company behind the innovative, game-changing AI-powered chatbot ChatGPT.
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Artificial intelligence is also being integrated into Microsoft Products like Bing.
Meanwhile, Apple has faced concerns about demand for iPhone sales, especially in the key Chinese market.
The longtime rivals have traded places as the world's most valuable companies before. During the COVID-19 pandemic, Microsoft was most valuable when the remote work boom boosted demand for its software.
Meanwhile, Apple has suffered from supply chain difficulties and coronavirus-related restrictions in its operation Factories in China. It was hers Beware of late delivery Of models as a result.
Apple has been in first place since 2010 due to the success of the iPhone, which Microsoft struggled to compete with.
The AI boom has been a boon to some company valuations, including Microsoft's. Earlier this year, Nvidia, which makes computer chips for artificial intelligence, became the first company to make the chips To be worth $1 trillion.
