Apple shares hit record-high after OpenAI partnership

By Ovunc Kutlu

ISTANBUL (AA) - Apple shares climbed to a record-high level on Tuesday, a day after the tech company announced Apple Intelligence generative models and unveiled a partnership with OpenAI.

The US-based global tech company's stock price hit an all-time high level $206.03 per share around 2.50 p.m. EDT (1850GMT). After that level, the price saw a slight dive to $205.06 a share at 3.10 p.m. EDT (1910GMT) for a daily gain of 6.2%.

Apple's market cap stood at $3.14 trillion at that time, as the tech firm holds on to its title of the second-most-valuable company in the US, which it surrendered to Nvidia briefly last Wednesday as the competition for artificial intelligence (AI) heats up worldwide.

Apple Intelligence will be deeply integrated into iOS 18, iPadOS 18, and macOS Sequoia, as it "harnesses the power of Apple silicon to understand and create language and images, take action across apps, and draw from personal context to simplify and accelerate everyday tasks," the firm said Monday in a statement.

"Our unique approach combines generative AI with a user’s personal context to deliver truly helpful intelligence. And it can access that information in a completely private and secure way to help users do the things that matter most to them," said CEO Tim Cook.

After Apple unveiled its partnership with OpenAI to integrate ChatGPT into its voice assistant Siri, billionaire Elon Musk said he would ban the use of Apple devices at his companies due to security and privacy concerns.

Apple, however, tried to dismiss such concerns in the statement and said: "Privacy protections are built in for users who access ChatGPT — their IP addresses are obscured, and OpenAI won’t store requests. ChatGPT’s data-use policies apply for users who choose to connect their account."