Photo source: Photographed by Zhang Jian, a journalist (data picture) On June 13 local time, Apple's market value surpassed Microsoft's and returned to the top of the global market value. This achievement benefited from Apple's grand launch of the latest masterpiece in the field of artificial intelligence (AI) - "Apple Intelligence" at the World Developers Conference (WWDC) a few days ago. Since June 11, Apple's share price has soared for three consecutive trading days, which shows the firm confidence of the market in Apple's AI strategy.
Daniel Ives, the managing director of Wedbush Securities, predicted in an interview with the Daily Economic News that "in the next year, Apple, Microsoft and Nvidia will compete fiercely around the market value of $4 trillion." Although Microsoft is considered to have the lead in the field of generative AI, Apple's previous development in AI has been relatively lagging, But now Wall Street's view of Apple is changing.
However, just one day later, Apple's title of "the world's largest market value" changed again. As of the close on the 14th, the top three US stock markets were Microsoft, Apple and Nvidia, with market capitalization of US $3.29 trillion, US $3.26 trillion and US $3.24 trillion respectively.
With AI becoming the core of the competition among these technology giants, the battle for the position of "market value overlord" has become increasingly fierce. Who are Apple, Microsoft and Nvidia, which are among the clubs with a market value of 3 trillion dollars at the same time? AI dominates the list of the top 10 US stock markets, and the ranking of global market capitalization keeps shuffling
As of the closing of the U.S. stock market on the 13th, Apple's total market value was about $3.29 trillion, surpassing Microsoft's. This is the first time that Apple's closing market value has exceeded Microsoft's since January, and the ranking of large market capitalization stocks on Wall Street has been rearranged again. However, on the 14th, Microsoft's market value again surpassed Apple's, reaching $3.29 trillion, while Apple's market value fell to $3.26 trillion.
At present, Microsoft, Apple and Nvidia are among the top three companies in the market value ranking of American stock companies. As these three technology giants compete for AI, the fight for the title of "the world's largest market value" has entered a white hot stage.
Ranking of market value of US stock companies Source: companiesmarketcap.com The reporter of the Daily Economic News noted that among the top ten US stock companies in terms of market capitalization, there are as many as 8 AI related enterprises.
"People are very confident that they will become the winner of AI, and in this market, it seems that if you are the winner of AI, you will be highly promoted," said Rhys Williams, chief strategist of Wave Capital Management. "Microsoft and Apple are competing, and Nvidia is among them."
The above three companies rank among the top three in terms of market value, and AI contributes a lot.
On June 10, Apple announced a new intelligent assistant - "Apple Intelligence" at the annual WWDC conference, which will be deeply integrated into iOS, macOS, visionOS and other operating systems, marking Apple's official unveiling of the long rumored AI veil. From June 11 to June 13, Apple's share price rose for three consecutive days, with a three-day increase of more than 10%, the largest since August 2020.
Image source: Yahoo Finance The battle between Microsoft, one of the old technology giants, and Apple, the "Big Brother in American Stock Market", has never stopped. With the star company OpenAI in hand, Microsoft has been in a leading position in the generative AI market before. Using GPT series models, Microsoft launched and updated a series of applications: Microsoft 365, New Bing (Copilot), Azure Smart Cloud, etc., which found a new breakthrough for its own revenue growth.
In January this year, Microsoft became the second company with a market value of $3 trillion after Apple, ushering in a new milestone. After that, Microsoft overtook Apple many times and took the top position in the market value of Wall Street. Before Apple regained the first place in market value on the 13th, the throne was also held by Microsoft. Since this year, Microsoft has gained nearly 20%.
Image source: Yahoo Finance In addition to the "happy enemies" of Microsoft and Apple, Nvidia has also joined the fight for the first market value on Wall Street. Since the popularity of the generative AI wave led by ChatGPT, Nvidia has achieved amazing performance with its flagship GPU. Since this year, Nvidia's share price has risen by more than 160% in total, and last year's rise was nearly 240%.
Image source: Yahoo Finance On June 5 this year, NVIDIA's market value broke through the $3 trillion mark at one fell swoop, becoming a club with a market value of $3 trillion. Reviewing the development process of NVIDIA's market value, on May 30 last year, the company's market value exceeded $1 trillion for the first time, becoming the first chip company in the US stock market with a market value of more than $1 trillion; On March 1 this year, NVIDIA broke through the $2 trillion mark.
However, a year ago, NVIDIA's market value was less than $1 trillion, ranking lower in the list of technology giants. During the year from June 2023 to June 2024, NVIDIA's market value has achieved a leap growth from US $1 trillion to US $3 trillion.
So far, AI has become the mainstream narrative of American stock giants. Who is the "Big Brother of US Stocks" when the battle for the market value of US $4 trillion starts?
"In the next year, the competition among Apple, Microsoft and Nvidia about the market value of $4 trillion will become the focus." Daniel Ives, the managing director of Wedbush, told the Daily Economic News.
Although Microsoft has always been regarded as the leader in the field of generative AI, and Apple has been criticized as "having no clear AI story" and falling behind other competitors, now, the debate on "Big Brother in American Stocks" on Wall Street has a new voice.
This week, Apple's market performance after the official announcement of "Apple Intelligence" also demonstrated this change in attitude. On June 10, due to Apple's emphasis on Apple's intelligence throughout the WWDC conference, ChatGPT was unexpectedly reduced to only an attribute function, and Apple's share price ended down 2% below the 10th.
But the dramatic thing happened a day later, and Apple suddenly rose 7% on the 11th to a new record. For a technology giant with a huge market value of more than 3 trillion yuan, there is only one reason for the huge contrast of emotions behind the funds: in the era of big models, Apple may not be as backward as people think.
"The delayed positive response of Wall Street shows that investors are beginning to fully understand that the AI revolution will be realized through Apple's consumer devices in the next year." Daniel Ives said, "Apple will create a new AI app store in the next few years, which will become the main way for consumers to interact with generative AI. We believe that it will be another major growth point for Apple in the next few years. Although Apple started late in the AI field, it has the largest consumer installation base in the world. Cook and his team have unique advantages to realize AI. "
With the global smart phone industry entering the era of AI mobile phones, Apple, with its solid ecological barriers, may be the only company that can get through AI experience and circulation of all hardware terminal devices in a short time.
At the same time, Wall Street is still optimistic about Microsoft. Microsoft uses ChatGPT to improve its products and services, and then exports its AI capabilities through cloud services to help its cloud revenue grow and enable it to quickly overtake at corners. At present, Microsoft is also trying to build its own AI empire. In recent months, Microsoft has been diversifying its bets, not only investing in start-ups worldwide, but also starting to build its own AI power internally.
InvestorPlace believes that its Azure cloud business as a whole will benefit more from AI and will become the next exciting business. Microsoft is most likely to become the first company with a valuation of more than $4 trillion. However, at the current level, Microsoft's road to $4 trillion may not be so smooth.
For Nvidia, in the short term, technology companies need to continue to invest in computing power and resources, and chip demand continues to rise. MarketWatch has a view that NVIDIA GPU is essentially a new gold/oil in the field of technology, and it may become the world's first stock with a market value of $4 trillion.
However, in addition to the optimistic voice, some analysts said that no matter the closed source models such as ChatGPT, or the open source models such as Meta and Google, they have not yet explored a stable path to commercialization. From the perspective of price and market business model, as well as the fact that technology giants cluster to develop their own chips, NVIDIA's chip procurement in the future is also uncertain.
From $1 trillion to $2 trillion, it took Apple two years, Microsoft two years and two months, and Nvidia only eight months. From $2 trillion to $3 trillion, it takes Apple one year and five months, Microsoft two years and seven months, and Nvidia only takes more than three months -- 104 days!
From $1 trillion to $3 trillion, Huang Renxun completed Cook's journey of three years and five months in less than one year. Who will be the first to hit the line in the race to reach the market value of 4 trillion dollars?
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