On Monday, the American technology company Apple surpassed AI chipmaker Nvidia, thereby becoming the world’s most valuable company and regaining the top spot, as investors assess the development of AI (Artificial Intelligence) technologies, according to DPA, as reported by Agerpres.
Apple’s market capitalization rose to approximately $4,940 billion, while Nvidia’s stood at approximately $4,830 billion.
Investors are pleased with Apple’s limited capital expenditures, especially compared to rivals that are spending tens of billions of dollars on new AI infrastructure.
While companies such as Alphabet and Tesla have ramped up spending to support AI data centers, robotaxis, and the design, manufacture, and use of robots, Apple has reduced its capital expenditures over the past three quarters, even as it continues to expand its Apple Intelligence platform.
On Thursday, investors will assess Apple’s earnings report for insights into its AI strategy, including capital expenditures. It will be CEO Tim Cook’s final earnings presentation.
Apple recently announced the appointment of John Ternus, head of the Hardware Division, as CEO, effective September 1, replacing the renowned Tim Cook, as analysts believe the American tech giant has fallen behind in the development of AI technologies.
Cook, who during his 15 years at the helm of the iPhone maker increased the company’s market capitalization by $3.6 trillion, will remain executive chairman, Apple said in a statement.
Ternus, who joined Apple in 2001, played a central role in the revival of products such as the Mac, which increased its market share at the expense of PCs. Although he has maintained a low public profile, he has been deeply involved in shaping Apple’s most important products, such as iPads and AirPods.
Integrating AI into the iPhone—the most successful consumer product in history—could be the biggest challenge of Ternus’s tenure.
In January, Apple struck a deal with Google to use Gemini in an effort to improve its virtual assistant, Siri.
Despite introducing a form of AI to the public’s imagination in 2011 with Siri, Apple has not since launched any hardware or software products centered on new AI technologies, while rivals such as OpenAI’s ChatGPT have emerged, attracting hundreds of millions of users. Siri, in particular, has not yet become “an agent”—the term AI companies use for systems that perform complex tasks like a human assistant.
At 50, Ternus is the same age Cook was when he took over as CEO from Apple co-founder Steve Jobs.
source – AGERPRES
