Microsoft has joined Apple as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street, Africa Today News, New York reports.
Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.
Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.
But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.
Microsoft more than any other tech giant is riding the wave of excitement over AI.
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The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.
Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.
Africa Today News, New York reports that since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.
Microsoft publishes its results on January 30.
In another report, a federal court of Appeal has ordered Apple to immediately suspended the US sale of its latest smartwatch models in a feud over patents with health company Masimo.
Africa Today News, New York reports that the ban on certain Apple smartwatch models will come into effect Thursday (today) as the iPhone juggernaut is ordered to await the outcome of its appeal.
Masimo, based in southern California, filed a complaint to the US International Trade Commission (ITC) which decided in October to halt imports of the Apple Watch models over a patented technology for detecting blood-oxygen levels.
A court temporarily lifted the ban last month.