Microsoft finished last Friday as the world’s most valuable publicly traded company, knocking its longtime rival Apple out of the top spot. While the market value of the technology giant reached 2.89 trillion dollars, Apple’s price decreased to 2.87 trillion dollars. Much of Microsoft’s success is down to its use of artificial intelligence, helped by the company’s lucrative $10 billion investment in Sam Altman’s OpenAI.

Microsoft wowed developers with its AI capabilities at an event in San Francisco last Thursday, and analysts said they were inspired by the momentum of its most advanced AI products, CNBC reported.

Advances in artificial intelligence have attracted investors and helped the NASDAQ-100 index rise nearly 54% last year. Many analysts predict that the artificial intelligence boom will continue in 2024.

“AI will continue to be a dominant topic into 2024; we’re just touching on that at this point,” Kathleen Brooks, founder of Minerva Analysis, told Business Insider.

2024 did not start well for Apple. First, the Apple Watch was blocked from sale in the US, and its stock had already been downgraded three times in January. The first downgrade of the British bank Barclays reduced its capital by $100 billion in one day. Analysts at Jefferies recently said slowing iPhone 15 sales in China have led to a 30% annual decline in sales in China.