Benzinga - by Adam Eckert, Benzinga Staff Writer.
Apple Inc (NASDAQ:AAPL) stock popped ahead of the market close on Thursday and is continuing to move higher in the after-hours session following reports the company is preparing to release an AI tool.
What To Know: According to a Bloomberg report, Apple is getting close to completing a new software tool for app developers to rival Microsoft Corp’s (NASDAQ:MSFT) GitHub Copilot. Microsoft shares traded lower on the news.
The report indicated Apple was working on the new AI tool for a year and it is set to be included in the next version of Apple’s programming software Xcode. The company is reportedly expanding testing of the new features internally and has started to ramp up development.
According to people familiar with the matter, Apple plans to release the new tool for third-party software developers as soon as this year.
The new tool is expected to operate similarly to Microsoft’s GitHub Copilot which uses AI to predict and write new code blocks. AI helps make the software development process easier, which saves time and money.
Apple is also reportedly exploring using AI to generate code for testing applications and has told some of its engineers to test the new AI features internally.
Several tech giants have raced to implement AI into workflows and products over the last year. Apple appears to be behind many of the other big players in the space, but this latest push could put Cupertino on the AI map.
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AAPL, MSFT Price Action: Apple shares traded higher into the close. The stock was up 0.46% after hours at $183.86, while Microsoft shares were down 0.72% at $406.56, according to Benzinga Pro.
Photos: Courtesy of Apple & Microsoft
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