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Microsoft overtook Apple as the most profitable company at the end of last Friday’s trading session in the US.
As reported by CNBC, Microsoft’s lead came as a result of an event that took place in San Francisco where the company spoke about artificial intelligence, highlighting an increase of traffic on GitHub which Microsoft acquired in 2018 for $7.5 billion.
Analysts from investment banking company Piper Sandler noted they were “encouraged by the momentum around the most mature AI products.”
Microsoft’s shares increased 3% to $2.89 trillion by the end of the day, while Apple’s dropped by the same amount lowering its valuation to $2.87 trillion.
AI is a core part of Microsoft’s overall strategy. Last month, the company was accused of using AI to promote indie games.
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