Microsoft has overtaken Apple as the world’s most valuable company. The two giants have been fighting it out on the top spot for a while now but Apple’s recent slump in share price gave Microsoft the headway to come out on top.
Last week, Microsoft’s share prices surged as a result of the generative artificial intelligence focus, especially surrounding OpenAI. As a result, the company’s stock price closed 0.5% higher reaching a market valuation of $2.859 trillion. Microsoft’s stock price has been slightly higher in the past peaking at $2.903 trillion. However, last week, Apple’s shares closed at 0.3% lower resulting in a market valuation of $2.886 trillion.
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Apple’s current share price drop comes as Microsoft is gaining traction. The iPhone maker is currently dealing with multiple factors affecting its company value including the weakening demand of the iPhone in China as Huawei has increased its market value. Apple has also refrained from talking about AI investments in a time where AI is the hot spend of the industry.
Apple’s share price did reach a peak of $3.081 trillion in December but that peak was guaranteed to drop in the new year, which it has. The December peak was a result of a 48% rise in stock value but Microsoft reported a 57% rise. So the company already boasted a larger end-of-year report than Apple.
Of course, the neck-and-neck positioning might change in the next few weeks as more investment is made across both companies. Apple is expected to launch its Apple Vision Pro spatial tech on 2 February and all eyes are on the company’s $3499 device as it lands in consumer’s laps for the first time.