Apple Stock Jumps $71 Billion Amid AI Push

The top big tech players are vying for dominance when it comes to utilizing artificial intelligence to its fullest capability. Apple is no exception to that, as the iPhone maker’s stock recently hit the $71 billion mark.

In total, Apple’s market valuation is now above $3 trillion, putting it at the top of the list when it comes to the largest companies comprising the S&P 500. However, Apple is not content with relying on its consumer sales of devices, namely the iPhone, and is turning towards AI development.

“Now, Apple is developing generative AI tools in a bid to catch OpenAI and the massive success it saw with the release of ChatGPT last year, Bloomberg said,” as reported by Markets Insider.

According to the report, the AI project is dubbed “Ajax.” Part of the project includes development of a chatbot service called “Apple GPT,” as the company shores up its engineering division by adding more AI talent to its existing workforce.

Apple Increases AI Growth Trajectory

As mentioned, the foray into AI shows that Apple isn’t resting on its laurels, relying on the sale of products like the iPhone to buoy its revenue. For growth seekers, this should keep Apple on their watch lists, especially if it can successfully go toe-to-toe with the other big tech AI players like Amazon and Google.

In the meantime, traders can take advantage of short-term moves with single-stock exchange traded funds (ETFs) that can add a dose of leverage without utilizing a margin account. For Apple stock specifically, consider the Direxion Daily AAPL Bull 1.5X (AAPU).

For a broader play on the AI competition between big tech, traders can also look at the Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X ETF (UBOT). The fund seeks daily investment results equal to 200% of the daily performance of the Indxx Global Robotics and Artificial Intelligence Thematic Index. The index aims to provide exposure to exchange-listed companies in developed markets that it expects will benefit from the adoption and utilization of robotics and/or artificial intelligence.

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