With the rapid advancement of digital transformation and the entry of the macro and micro economy into a stage of high-quality development, artificial intelligence, as an important type of digital technology innovation, may promote the high-quality development of enterprises and thus gradually attract public attention. This paper constructs high-quality development indicators of public-listed enterprises from the dimensions of efficiency, innovation vitality, green development, openness, value-sharing, and risk management. Based on a capability-based view, it investigates the impact of artificial intelligence technology innovation on the high-quality development of enterprises. The results show that artificial intelligence technology innovation enhances enterprises’ core capabilities, overall capabilities, and dynamic capabilities, thus significantly promote high-quality development. The findings still hold after a series of robustness tests. Furthermore, when enterprises are in a poor business environment, have growth potential and light financing constraints, or feature a high level of business complexity, artificial intelligence technology innovation will have stronger boost on their high-quality development. This paper enriches the research on artificial intelligence technology innovation and enterprises’ high-quality development, deepens the understanding of capability-based view, and provides important practical implications for enterprises to cultivate competitive advantages and pursue overall development.