Microsoft briefly displaced Apple from the top of the world’s most valuable companies, CBS News reports. The reason for this is the company’s development in the field of artificial intelligence, which contributes to the rise in its stock prices.

On Thursday, Microsoft shares jumped 2%, bringing the tech giant’s market valuation to $2.903 trillion.

For Apple, the success is not so remarkable, on the contrary. While Microsoft was in the heyday of Thursday’s success, Apple’s market cap fell to $2.871 trillion as the stock dropped 0.9%. This decline is the first time since 2021 that the iPhone maker’s value is lower than Microsoft’s.

Microsoft’s joy at dethroning Apple from the top spot didn’t last long, however. As early as yesterday afternoon, Apple managed to reclaim its crown and a reversal occurred in which Microsoft’s valuation dropped again to $2.849 trillion.

The stock jump came shortly after Microsoft reported that its revenue rose 7 percent to $52.9 billion in the third quarter, beating analysts’ expectations, the company’s financial report showed. According to the report, the gains were mainly due to the Redmond, Washington-based company’s drive to integrate artificial intelligence technology into its cloud computing business.

The battle for the crown between the two tech giants continues, but which is the better?

Despite being the first U.S. company to achieve a $3 trillion market value in 2022, Apple has faced challenges due to declining iPhone sales, a significant contributor to its profits. This downturn has led to a drop in the company’s stock price, falling below the historic $3 trillion milestone. Despite entering the competitive AI market, Apple has not experienced the same stock surges driven by AI-related developments, contrasting with the success observed in companies like Microsoft.

Several major tech players, including Google, Amazon, and Meta, have strategically boosted their stock values by unveiling plans to develop AI-powered chatbots or incorporating AI technology into their products and operations, as reported by the Motley Fool. According to findings from the stock research platform Wall Street Zen, companies that disclosed AI initiatives witnessed an average stock price increase of 4.6%, while those that did not mention AI only saw a 2.4% uptick.