Microsoft Overtakes Apple’s to become world’s most valuable company
A renowned American multinational technology corporation has successfully possessed the title of the world’s most valuable company. This news has been creating a buzz in the stock market after it reported that Microsoft has replaced the position of Apple. According to the report, this temporary surpass of Microsoft was seen in the stock market’s trading session on Thursday, 11th January 2024. The sudden rise of Microsoft stock had brought a smile to the faces of investors.
This drop behind iPhone makers made the worst start of a new year because of its increasing demand concerns. This drop behind iPhone makers made the worst start of a new year because of its increasing demand concerns. The drop of Apple in the stock market is an expected thing as last week, a Chinese assembler of Apple’s iPhones, Foxconn shared a report of a year-over-year decline in revenue. Not only this, the company is also facing a legal case. According to the reports, the firm of Cook is facing a case of antitrust by the Justice Department of the United States.
Because of several obstacles, the stock of an iPhone maker was devalued by Piper Sandler and Barclays. Shares of Redmond, Washington-based Microsoft grows up to 1.5% giving it a market valuation of around $2.888 trillion. Whereas for the first time since 2021, the shares of Apple were 0.3% lower which made its market valuation $2.887 trillion. It happened for the first time that the stocks of Apple were lower than Microsoft. The stock of California-based company, The Cupertino had slid up to 3.3% so far in January as of last close as compared to Microsoft whose stock has risen up to 1.8%.
On one side, Apple is facing changes on numerous fronts and on the other side, Microsoft has made an exciting announcement of the introduction of Artificial Intelligence on its device. It is worth noting that Microsoft has revealed its plans regarding the introduction of a new AI key on keyboards of devices. This Copilot key will be available to use in the new keyboards of the company. This feature will help users to have direct access to AI assistance without making much effort. With this new feature, Microsoft is bringing a revolutionary change to the market.
In 2023, the tech giant reports better growth as compared to Apple stock on the ground of Artificial Intelligence intervention. The shares of Microsoft increased in 2023 by 57% in the middle of its expectations of the growth of the firm on the back of its Artificial Intelligence business. In contrast, Apple has shared the jump of 48% in 2023. It is not the first time that Microsoft has surpassed Apple in terms of company valuation, the same thing happened twice in 2018 and then in 2021. However, we can ignore the fact that Apple is the first company in the world whose market capitalisation exceeds $3 trillion.
Microsoft and Apple have been rivals for a quite long time. It was reported that the firm set up by Steve Wozniak and Steve Jobs accused Bill Gates of stealing the “look and feel” of their company. However, Apple lost the lawsuit against Microsoft in the 1990s and this helped Microsoft to rule in the PC market.
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