As Wall Street was still impressed by Microsoft’s enormous bet on artificial intelligence, the three trillion dollar corporation joined Apple on Wednesday.
Microsoft is now the second-biggest corporation in the world by market capitalization, behind Apple. The company’s shares were up 1.31 percent at $404.
After initially surpassing the $3 trillion market capitalization threshold in January 2022, Apple is still just marginally ahead of the competition with $3.02 trillion.
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.
The $13 billion deal between the Redmond, Washington-based company and OpenAI, the company behind ChatGPT, is apparently significant.
Following the release of ChatGPT, Microsoft has released a number of products that let businesses and consumers take advantage of generative AI capabilities. These products include the Bing search engine and the Copilot virtual assistant.
Following the early November 2022 debut of ChatGPT, Microsoft’s stock has increased by approximately 67%, while Apple’s has increased by roughly 40%.
Microsoft publishes its results on January 30.
