Apple’s Market Value Increased By $71 Billion Following News That It Is Developing An Apple GPT Chatbot

Apple aims to become a future competitor of OpenAI’s ChatGPT with its own chatbot that the company’s engineers have dubbed Apple GPT. Following the news that the California-based firm was working on generative AI, its market value increased by $71 billion.

News of Apple GPT being in development brought the technology giant’s total market capitalization to $3.12 trillion

Apple did not confirm publicly that it is working on generative AI tools, and according to Insider, the circulating news helped bring the company’s total market capitalization to $3.12 trillion, making it one of the most valuable entities in the world at this time. The report states that the one-day gain is equal to the entire market valuation of 390 other S&P 500 companies, making it a truly impressive outcome.

However, it should be noted that while Apple GPT is being developed, Apple itself has been quiet on AI, whereas other giants like Microsoft and Alphabet have embraced the new technology trend, introducing their own chatbots, Bing and Bard, respectively. Microsoft recently announced a $30 monthly subscription AI tool set, resulting in the software behemoth’s shares climbing by 6 percent.

Apple’s investors also reportedly believe that the company should invest in developing a ChatGPT-like competitor instead of allocating resources to its AR headset. Despite the fact that the news is out in the open, there is disseminating information claiming that Apple does not have a clear strategy on how Apple GPT will work for consumers, and it might have to do with the firm’s top-ranked executives being at odds on how it should progress with AI.

Apple’s head AI of Machine Learning is John Giannandrea, with Craig Federighi, the Senior Vice President of software engineering, also overseeing Apple GPT. John appears to have a more conservative approach towards the chatbox, as he wants to see how ChatGPT evolves before progressing. Currently, Apple GPT cannot do what programs like Microsoft Bing and Google Bard can do, but it is said to simplify the employees’ lives by tackling some tasks.

Unfortunately, without knowing how it could function for consumers, we are unable to comment further. However, we have a feeling that Apple GPT will be previewed at next year’s WWDC keynote, after which we will monitor where Apple’s market capitalization picks up from there.

Written by Omar Sohail