Apple appointed as observer to OpenAI board; AAPL hits all-time high
According to a report from Bloomberg, as part of the AI agreement announced last month with OpenAI, Apple will have an observer role on the OpenAI board. Apple's stock price hit a historic high yesterday, closing at $220.27, surpassing Nvidia once again. With a market value of $3.378 trillion, Apple ranks as the world's second-largest company, just behind Microsoft.
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Apple to Receive Observer Status on OpenAI Board, Similar to Microsoft
Apple announced at the WWDC on 6/10 its AI plans, including the integration of OpenAI's chatbot ChatGPT into its devices and incorporating its new "Apple Intelligence" technology into its applications, including its virtual assistant Siri. This integration will be rolled out later this year in iOS 18, iPadOS 18, and macOS Sequoia. Apple stated that it will also add other third-party AI models in the future. According to previous reports, Apple did not pay OpenAI for the use of the chatbot, indicating a possible revenue-sharing partnership.
Bloomberg reported that this collaboration has also provided Apple with the opportunity to have an observer status on the OpenAI board. Phil Schiller, Apple's App Store head and former marketing chief, has been selected as an observer on the OpenAI board, with the arrangement expected to take effect later this year. His observer status will be equivalent to that of Microsoft.
Observers can attend board meetings but cannot vote or exercise other powers typically held by directors. However, observers can gain insight into the company's decision-making process.
Apple Stock Price Reaches All-Time High
After a quiet period last year, Apple's AAPL stock price has surged since the beginning of the second quarter this year. Despite missing out on the previous AI wave, Apple has become an AI service platform leveraging its large base of loyal "Apple fans." In addition to its collaboration with OpenAI, there are reports of negotiations with Google's Gemini chatbot and potential collaboration with Anthropic.
Apple's stock price hit a record high yesterday on 7/2, closing at $220.27, surpassing NVIDIA once again, with a market value of $3.378 trillion, making it the world's second-largest company after Microsoft.
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