Apple Briefly Outranks Microsoft as Most Valuable Company After WWDC AI Reveals

Apple briefly defeated Microsoft as the most valuable company in the world after the tech giant introduced its AI plans during the Worldwide Developers Conference (WWDC) last June 10.

The company recorded a market cap of $3.3 trillion just a little above Microsoft's market cap of $3.2 trillion before closing the bell.

Apple Experiences Market Cap Increase After WWDC Announcements

According to reports, Apple's expansive plans for AI helped boost the shares by more than 7 percent after the WWDC keynote event. The increased shares were extended up until the next day, recording another boost of 2.8 percent.

Morgan Stanley, Evercore and Bank of America analysts discussed that Apple Intelligence will encourage users to get the latest products, such as new iPhones. The analyst wrote that imposing exclusive AI features on recent iPhone models will increase sales.

Earlier this week, Apple held its annual developers conference which introduced its generative AI plans for the future. The tech giant debuted the much-awaited upgrade for Siri and other iOS 18 updates.

Apple AI Plans Affects Microsoft

Apple's success in reaching the top was brief as Microsoft managed to close the gap before the market closed for the day. Regardless, both companies are expected to move forward together as the AI competition increases.

Microsoft will most likely benefit from Apple's AI goals as the company welcomed OpenAI across its devices. ChatGPT is now integrated on devices running on iOS 18, iPadOS 18, and macOS Sequoia.

The upgraded Siri will tap into ChatGPT's power to process any documents and photos from users. Apple's Writing Tools are also enhanced using ChatGPT to improve user's writing outputs.

Before WWDC, Apple saw defeat in market cap as NVIDIA briefly became the second most valuable company.