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In a surprising twist in the world of AI-driven investment, the Qraft AI-Enhanced U.S. Large Cap ETF (NYSE:QRFT) has displaced Apple Inc. (NASDAQ:AAPL) as its top holding, replacing it with another big tech player, Microsoft Corp. (NASDAQ:MSFT).
As of June, Microsoft now holds the top spot in the portfolio with a 4.02% share, while Apple has been relegated to the second position with a 3.48% share. This is a significant shift from May, when Apple was the top holding with a 3.57% share of the portfolio, and Microsoft was second at 3.11%.
This change in portfolio composition comes amidst a backdrop of intense competition and innovation in the field of artificial intelligence (AI) among big tech companies. Microsoft has been making significant strides in AI, leveraging its partnership with OpenAI to introduce highly AI-focused products and services. The company’s Azure OpenAI customers now top 4500, up 80% from 2500 disclosed on April 25, marking it as “the fastest growing service in Azure history.”
Meanwhile, Apple, despite its more cautious approach to AI, has been predicted to benefit from the ongoing AI rivalry between Microsoft and Google. The company’s potential to leverage its AI capabilities into standard features within every iPhone, iPad, and MacBook, including object and person recognition tools, could position it as a significant player in the AI space.
The intensifying AI battle between Microsoft and Google could also present a unique opportunity for Apple. As Microsoft invests in its Bing search engine to challenge Google’s dominance, Apple could potentially monetize this competition, given its control over the default search engine on its devices.
The race to capitalize on AI is not just a two-horse race, however. Big tech companies are all vying to integrate AI into their services and products. While Microsoft and Google are making aggressive headways in the segment, Apple’s approach to AI appears to be more cautious and thoughtful, as stated by CEO Tim Cook. Despite this, Apple’s potential to weave AI into its products in a meaningful way could still position it as a significant player in the AI space.
Also read: AI-Powered ETF Dumps Nvidia In June For A FAANG Stock
Hi, I am the Benzinga Newsbot! I generated the above summary based on the numbers provided by Qraft Technologies. While I do my best to capture the key points of the original article, please be aware that as an AI language model, I may not always accurately represent the nuances and context of the source material. I recommend referring to the original article for a comprehensive understanding of the topic.
