- Following a report by Bloomberg about the company’s AI goals on Wednesday, Apple stock briefly increased by as much as 2%.
- The company’s market value increased by up to $71 billion as a result of the stock price jump.
- The report claims that Apple is developing a sizable language model and already has a chatbot for internal use.
Apple stock rose 2.3% to a record high on Wednesday after Bloomberg reported on the company’s artificial intelligence goals.
The spike increased the company’s market valuation by as much as $71 billion at its height on Wednesday, pushing Apple’s total market capitalization to a record $3.12 trillion. Shares eventually reduced gains to less than 1%.
The one-day gain is greater than the total market value of 390 other S&P 500 businesses and is equal to the market capitalization of large-cap firms like Micron and Waste Management.
While mega-cap tech peers Microsoft, Alphabet, and others have specific plans on how they’re going to seize the AI market opportunity, the most valuable firm in the world has been pretty quiet on AI and its potential. Following its Tuesday announcement of a $30 subscription for its AI toolkit, Microsoft’s stock increased by as much as 6%.
According to Bloomberg, Apple is now working on generative AI tools in an effort to catch OpenAI and the enormous success it achieved with the release of ChatGPT last year.
According to the story, the iPhone manufacturer has given the codename “Ajax” to its AI project, which includes the development of a chatbot service that some engineers have dubbed “Apple GPT.”
With 179 vacant positions right now, Apple has a whole career website devoted to hiring engineers with expertise in machine learning infrastructure, deep learning, reinforcement learning, and speech and natural language technologies.
According to the article, Apple’s AI drive has expanded into a significant initiative in recent months, with numerous teams working together on project Ajax. As Apple has traditionally prided itself on having stringent privacy policies, several aspects of the work include tackling potential privacy problems relating to the AI.
Apple CEO Tim Cook stated that there are still “a number of issues that need to be sorted” in relation to AI technology in a conference call in May and that the company would integrate AI capabilities into its devices “very thoughtfully.”
Bloomberg claims that aside from minor upgrades to the search functionality of photographs, Apple Maps, and Siri for iPhone users, Apple currently lacks a clear and determined strategy for delivering its AI technology to consumers.
According to sources cited by Bloomberg, its AI chatbot is essentially a copy of OpenAI’s ChatGPT and Alphabet’s Bard and has a simplified design that was not intended for general use. Apple currently seems to be concentrating on enhancing the massive language models that form the basis of its AI aspirations.
