Microsoft overtakes Apple as the world’s most valuable company
Microsoft’s Redmond, Washington-based company saw a 1.6% increase in shares, valuing it at $2.875 billion, thanks in part to investor attraction stemming from its early lead in the race to profit from generative artificial intelligence.
Microsoft overtook Apple on Thursday as the world’s most valuable company after the iPhone maker’s shares got off to a weak start in 2024 due to growing concerns about demand.
Shares of Redmond, Washington-based Microsoft were up 1.6%, giving it a market valuation of $2.875 billion, as its early lead in the race to make money from generative artificial intelligence helped lure investors.
Apple was down 0.9%, with a market capitalization of $2.871 trillion. It is the first time since 2021 that its valuation has fallen below that of Microsoft.
Shares of the Cupertino, California-based company have lost 3.3% in January through the latest close, compared with Microsoft’s 1.8% rise.
The weakness in Apple shares follows a series of downgrades that stoked concerns that sales of the iPhone, its biggest business, would remain weak, especially in the main market, China.
Microsoft has briefly taken the lead over Apple as the most valuable company a handful of times since 2018, most recently in 2021, when concerns about supply chain shortages driven by the Covid-19 pandemic hit the iPhone maker’s stock price.
