In New York, Microsoft achieved a milestone on Wednesday, joining Apple in the exclusive three trillion dollar club. Microsoft’s significant investment in artificial intelligence has garnered praise from Wall Street, elevating it to the position of the world’s second-largest company by market capitalization. The company’s shares rose by 1.31 percent to $404. Apple, currently the leader with a market capitalization of $3.02 trillion, had crossed the three trillion mark for the first time in January 2022.
However, it has dipped below this significant threshold, briefly relinquishing its position as the market’s leading company when Microsoft briefly surpassed the iPhone maker earlier this month.
Microsoft, more than any other tech giant, is capitalizing on the burgeoning excitement surrounding artificial intelligence (AI). The Redmond, Washington-based company has forged a substantial partnership with OpenAI, the creator of ChatGPT, reportedly valued at $13 billion.
Since the introduction of ChatGPT, Microsoft has introduced several products that empower companies and individuals to leverage the capabilities of generative AI, particularly through its Bing search engine and Copilot virtual assistant.
Since ChatGPT’s debut in early November 2022, Microsoft’s shares have surged by approximately 67 percent, while Apple’s have seen a rise of about 40 percent.
Microsoft is set to unveil its financial results on January 30.