Apple's Market Cap Jumps $214.2 Billion Overnight, Microsoft Still Leads

Source: Global TMT 2024-06-12 12:46 Tianjin

**Apple** saw its stock price surge 7.26% on Monday, hitting a record high and pushing its market cap to $3176.5 billion, an overnight increase of $214.2 billion. While **Microsoft** also saw a gain of 1.12%, reaching its own record closing high and a market cap of $3215.8 billion, it still maintains the title of the most valuable company in the US stock market. However, the gap between the two tech giants continues to shrink.

**Word From ByteDance**

Responding to rumors of their involvement in an AI phone development project, **ByteDance** denied the claims. The company clarified that they are not currently manufacturing or planning to sell their own phones. Instead, they are exploring the development of a large model software solution for phones to offer to other manufacturers as a reference.

**Foxconn and Nokia Team Up to Produce 5G Equipment in Vietnam**

**Nokia** has revealed their partnership with **Foxconn** for the production of Nokia's 5G AirScale products in North Giang Province, Vietnam. The project, starting in July and ramping up production in September, will see the latest generation of 5G AirScale equipment manufactured in the country.

**Hon Hai Focuses on EVs and AI Servers**

**Hon Hai Precision Industry** is setting its sights on **electric vehicles (EVs)** and **artificial intelligence (AI)** servers. Leveraging their experience from manufacturing iPhones for Apple, the company plans to work with Japanese car manufacturers for the EV sector and is targeting a partnership with two traditional Japanese car companies this year for complete vehicle production. Their strategy also includes increasing their profit margins through AI server development.

**Microsoft Outsources AI Development to OpenAI, Raises Concerns**

Cybersecurity firm **Okta's CEO Todd McKinnon** believes that **Microsoft**'s outsourcing of advanced AI tools and software development to **OpenAI** could be detrimental to their position in the field. With the core technology behind generative AI coming from Google, he warns that Microsoft may lose ground and become more of an advisor in the AI space.

**Musk Drops Lawsuit Against OpenAI and Altman**

**Elon Musk**, CEO of Tesla, has withdrawn his lawsuit against **OpenAI** and its co-founders in California court. While the reason for the withdrawal remains unknown, it comes after OpenAI's own request to the court to dismiss the case.

**Sam Altman Meets With Lee Jae-yong**

According to the Korea Times, **OpenAI CEO Sam Altman** recently met with **Samsung Group Chairman Lee Jae-yong** for the first time. The two reportedly discussed collaboration on the development of AI chips, with Altman looking to reduce OpenAI's reliance on **Nvidia** and Samsung being the leading memory semiconductor company with manufacturing capabilities.

**Former Apple Exec to Lead Samsung's North American AI Center**

Samsung is consolidating its two North American research centers focusing on AI technology and has tapped former Apple executive **Murat Akbacak** to head the new division. Akbacak previously oversaw the strategy and execution of Siri at Apple.

**Nvidia Dominates Data Center GPU Market in 2023**

With an estimated 3.76 million GPUs shipped, **Nvidia** saw a significant increase in 2023, surpassing 2022's total of 2.64 million units. This dominance extends to market share and revenue, with Nvidia claiming approximately 98% of both aspects in the data center GPU space.

**Canon Commits to Contributing to India's Semiconductor Industry**

**Canon** has voiced its support for the development of India's semiconductor industry, indicating their plans to establish a customer support base in the country. This commitment comes as part of their strategy for the Indian market, which they view as having the potential to rival China.

**Bezos Reclaims Title of World's Richest Person**

**Amazon** founder **Jeff Bezos** has once again taken the top spot as the world's richest person, overtaking **Bernard Arnault** of LVMH. His current net worth stands at $209 billion, a $320 billion increase since the start of 2024, fueled by a nearly 25% rise in Amazon's stock price.

**Dell CEO Continues Selling Company Stock**

**Dell Technologies founder and CEO Michael S. Dell** sold around 1.48 million shares of the company's Class C common stock for over $198 million. This follows earlier sales throughout the year, bringing Dell's total sold shares to over 13.55 million with a combined value of roughly $1.57 billion.

**Oracle's Cloud Business Shows 42% YoY Revenue Growth**

**Oracle** reported a strong performance for its cloud business in the fourth quarter of fiscal year 2024, with a 42% year-over-year revenue increase reaching $2 billion. This comes as part of a larger growth of 3.3% in total revenue and the announcement of new partnership agreements with **Google** and **Microsoft**.

**Mistral AI Secures €600 Million Investment**

French AI startup **Mistral AI** has closed a new funding round worth €600 million, pushing its valuation close to €6 billion. This follows a previous round in 2023 that saw them raise €180 million.

**Warner Bros. Discovery Secures French Open Broadcasting Rights**

**Warner Bros. Discovery** has signed a 10-year agreement to become the exclusive US broadcaster of the French Open, starting in 2025. With an estimated cost of $65 million per year, this deal makes Warner Bros. Discovery the largest global broadcasting partner for Grand Slam events.

**Pokemon Unite Coming to Tencent Switch**

**Tencent** announced the upcoming arrival of **Pokemon Unite** on the Tencent Nintendo Switch. Closed beta testing for users in the region will begin shortly, focusing on technical stability rather than paid features.

**YueWen Group Launches 1 Billion RMB Content Support Fund**

At the 2024 Reading Literature Creation Conference, **YueWen Group CEO and President Hou Xiaonan** unveiled the company's 1 billion RMB content support fund. This initiative aims to enhance IP development and platform experiences, supporting creators from the beginning of their journey.

**Smartwatch Display Panel Shipments to Reach 359 Million in 2024**

The global market for smartwatch display panels is expected to see continued growth, reaching an estimated 359 million units shipped in 2024. This follows a jump from 2.59 million in 2022 to 3.51 million in 2023, with TFT LCD holding a 63% market share and OLED at 37%. While LG Display and Japan Display supply high-end OLED panels for Apple Watch, Chinese manufacturers like EDO and Tianma are expanding their offerings for brands like Fitbit, Garmin, and Xiaomi.