Apple is working on artificial intelligence (AI) offerings similar to OpenAI's ChatGPT and Google's Bard, Bloomberg News reported on Wednesday, sending its shares up as much as 2 percent to a record high.

Employees say the tool essentially replicates Bard, ChatGPT and Bing AI, and works as a web application.

Apple did not make any major announcements about generative AI products similar to ChatGPT or Google's Bard search engine, but it quietly imbued several smaller features with AI, like live transcriptions of voice mails.

Well aware of the opportunities and challenges ahead, one day before Microsoft's launch of its updated Bing, Google also unveiled its new chatbot tool dubbed Bard.

Like ChatGPT, Bard is built on a large language model.

Google has also unveiled a new chatbot tool dubbed Bard to respond to the challenge posed by ChatGPT.