Apple’s stock is nearing a new all-time high as the company ramps up its AI development. On Monday, the company announced a new partnership with OpenAI, bringing ChatGPT integration to the iPhone. This news and the tech giant’s own AI innovation are pushing Apple Stock back up to new levels after it sank below the surging NVIDIA.
Following Nvidia’s surge to an over $3 trillion market cap, Apple’s cap dipped below $3T. However, the makers of the iPhone have kept a wave of momentum over the past few weeks. The past seven weeks of green are a remarkable turnaround from the 13-week bearish correction that saw Apple lose nearly 17% of its value.
The tech sector has seen a massive increase in AI interest throughout the last year. The chips from Nvidia are crucial in the development of this technology, which has spared the boom in NVDA stock amongst investors. However, Apple hasn’t seen similar growth in the same amount of time. The company is looking to change that with its recent work in AI technology.
Apple’s announcement of integrating ChatGPT into iPhones is the first step in this growth. The partnership means that Apple’s digital assistant, Siri, will be given the generative AI capabilities of the OpenAI system. The feature will be available at no cost to iPhone users as part of an iOS 18 update available later this year.
With this development, Apple may see a boom in stock price in after-hours trading, meaning tomorrow can yield huge profits for investors. The tech giant is trying to increase its size in the generative AI space competition. With Nvidia’s exponential growth, though, the path toward reclaiming the number 2 spot in the market cap is steep for Apple.