TECH - Tech ETFs Faceoff: Apple Vs Microsoft | Benzinga
The technology sector has been the clear leader of the 2024 market rally so far, driven by the artificial intelligence craze, hopes of rate cuts and the rising share of the "Magnificent Seven".
The "Magnificent Seven" is the biggest engine of growth for the technology sector. In particular, Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) are racing for the spot of the most valuable company. Last week, Apple reclaimed the most valuable company title, edging out Microsoft, but is unable to sustain the momentum. The iPhone maker currently has a market cap of $3.26 trillion, whereas the software maker boasts $3.29 trillion.
Apple
Apple, which was way behind its competitors in adopting AI, is finally catching up following the launch of the latest AI features at its long-anticipated Worldwide Developers Conference. The introduction of numerous AI-powered features is expected to kickstart the next upgrade cycle, enhancing the company's performance and restoring investor confidence in Apple.
The iPhone maker unveiled a brand-new AI feature called Apple Intelligence for iPhones, iPads and Macs. The technology will help summarize text, create original images and retrieve the most relevant data when users need it. Apple announced a partnership with ChatGPT-maker OpenAI, which provides customers access to ChatGPT via Siri at no extra cost.
Apple reported robust second-quarter fiscal 2024 results, beating both earnings and revenue estimates. The tech giant unveiled the largest buyback in the company's history and lifted its dividend payment.
Microsoft