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Baystreet Staf - Monday, January 15, 2024
Microsoft Surpasses Apple As World's Most Valuable Company
Microsoft (MSFT) has officially surpassed Apple (AAPL) as the world's most valuable publicly traded company.
Microsoft finished trading on Jan. 12 with a market capitalization of $2.89 trillion U.S., edging past Apple (AAPL), which is currently valued at $2.87 trillion U.S.
Microsoft has been steadily gaining on Apple for several months. Over the last 12 months, Microsoft's stock has risen 63% while Apple's share price has increased 39%.
So far in 2024, Microsoft's stock is up 3.3%, while Apple's share price has declined 3.4%.
Apple had spent more than 500 days as the stock market's most valued company, with its market capitalization exceeding $3 trillion U.S. at several points.
Microsoft last held the top market capitalization position in November 2021 just as the stock market peaked and then entered a bear market in 2022.
Artificial intelligence (A.I.) has given a boost to Microsoft's stock over the last year. The company has added A.I. capabilities across its software products and Azure cloud business.
At the same time, Apple has seen four consecutive quarters of year-over-year revenue declines amid slowing sales of its iPhones, MacBook computers, and other devices.
Microsoft's stock is currently trading at $388.47 U.S. per share. Apple's stock is changing hands at $185.92 U.S. a share.
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