Can be happy: Microsoft CEO Satya Nadella. Ethan Miller/Getty
Microsoft’s market capitalization reached $2.89 trillion on Friday, knocking Apple out of the top spot.
The company’s investments in artificial intelligence have boosted its stock price this year.
Meanwhile, slower iPhone sales in China have made life more difficult for Apple.
Microsoft ended Friday as the world‘s most valuable publicly traded company, knocking long-time rival Apple off the top spot.
The tech giant reached a market capitalization of $2.89 trillion (€2.64 trillion), while Apple’s fell slightly to $2.87 trillion (€2.62 trillion).
Much of Microsoft’s success is due to its embrace of AI, led by the lucrative The company’s $10 billion investment in Sam Altman’s OpenAI.
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On Thursday, Microsoft impressed developers with its AI capabilities at an event in San Francisco. Analysts said they were “encouraged by the momentum surrounding the most mature AI products,” reported CNBC.
AI boom will last until 2024
The rise of artificial intelligence has captivated investors and contributed to the NASDAQ-100 last year by almost 54 percent has increased.
“AI will continue to be a dominant topic in 2024 – we’re just scratching the surface right now,” Kathleen Brooks, founder of Minerva Analysis, told Business Insider.
Meanwhile, 2024 hasn’t started well for Apple
The tech giant is embroiled in a public legal battle that has blocked sales of its Apple Watch in the US, and has had to do so in January so far three downgrades of its shares accept.
The first downgrade by British bank Barclays wiped out more than $100 billion in market capitalization in a single day.
Apple Chef Tim Cook. Evan Agostini/Invision/AP
Apple’s problems in China are expected to continue this year, as Chinese government officials are banned from using the California company’s devices and domestic competitors like Huawei are on the rise.
Analysts at Jefferies recently said that slow sales of the iPhone 15 in China are leading to a Decrease of 30 percent compared to the previous year have led.
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