HomeTechnologyApple Stock Sees a Brief Jump Following News of AI Project

Apple Stock Sees a Brief Jump Following News of AI Project

Apple’s reported entry into the world of complex artificial intelligence tools got the attention of investors and caused the company’s stock to have a brief jump on Wednesday. The shares of Apple jumped more than 2% at one point, reaching $197.18, before settling at the highest-ever closing price of $195.10.

Apple’s AI aspirations were first reported by Bloomberg on Wednesday. According to the influential media outlet, the iPhone maker is currently developing an artificial intelligence tool that would rival the already-established projects like ChatGPT from OpenAI Inc. and Bard from Google.

The company already has a “framework to create large language models” called Ajax and has made a working chatbot service referred to as Apple GPT. The service is already being used by the company’s engineers and a number of other employees for product prototyping.

It appears that Apple is taking a slower approach with Apple GPT, focusing on privacy concerns that are related to the technology. Reportedly, the tool is similar to ChatGPT and Bard in its nature, having the ability to “summarize text and answer questions based on data.”

 Bloomberg concludes that Apple still didn’t finalize its strategy for the rollout of the new AI project, but it is expected to make a “significant AI-related announcement” at some point in 2024. 

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...