Microsoft has overtaken Apple as the world’s most valuable company, after the iPhone maker began 2024 with its worst start in years due to growing concerns about demand.
In intraday trading on Thursday, Apple was forced to cede the title of the world’s most valuable company, with Microsoft retaking the crown more than two years after the last time it happened. Apple’s market capitalization stood at $2.871 billion, while Microsoft’s peaked at $2.875 billion.
The software giant’s action has recovered in recent months thanks to its announcements in terms of artificial intelligence. At the same time, there are concerns over sales of Apple’s iPhone, leading the two tech giants to exchange top spot in terms of stock value during trading on the Nasdaq.
Apple quickly reclaimed its crown
Unfortunately for Microsoft, the victory was only temporary. The American giant overtook the apple for only two hoursafter which Tim Cook’s company regained first place.
Microsoft has briefly taken over Apple as the most valuable company a handful of times since 2018, the last time being in 2021 when concerns about supply chain shortages due to COVID hit the price of the action of the iPhone manufacturer.
Apple stock has been down for a month on concerns about sales of iPhone in China and potential weakness in iPhone 15 sales. Rating agencies have downgraded Apple stock in recent days, reducing Apple’s market capitalization by about $162 billion for the year 2024 alone.
In its November earnings report, Apple also failed to meet expectations, as demand for iPad and wearable products has been weaker than investors expected. Mac sales also saw a significant decline compared to the previous year. Apple is therefore not ready to go back beyond 3000 billion capitalization, unless the sales of its new Vision Pro headset create a surprise.