Microsoft Overtakes Apple as the World’s Most Valuable Publicly Traded Company
In a significant shift, Microsoft has claimed the title of the world’s most valuable publicly traded company, surpassing Apple as of the market close on Friday. Microsoft’s stock (MSFT) concluded the day at $338.47 per share, resulting in a market capitalization of $2.89 trillion, while Apple’s stock (AAPL) closed at $185.92 per share, with a market capitalization of $2.87 trillion.
This transition marks a notable comeback for Microsoft, which trailed behind Apple for the majority of the past decade. The tech giant’s success can be attributed to a stellar year, particularly in the realm of generative artificial intelligence (AI). Microsoft’s CEO, Satya Nadella, made significant investments in AI in 2023, incorporating tools like ChatGPT into the company’s suite of products.
Nadella’s strategic moves included a multi-billion dollar investment in AI and strengthening ties with OpenAI, the creator of ChatGPT, a leading figure in the AI field. This proactive approach positioned Microsoft at the forefront of the AI landscape.
On the other hand, Apple has been grappling with various challenges, including a slowdown in iPhone sales, partially attributed to reported Chinese government efforts to restrict purchases. Additionally, Apple faced a temporary ban on selling its latest Apple Watch models in the United States.
Microsoft’s ascent to the top reflects its resilience and strategic positioning in the rapidly evolving tech landscape. While Microsoft declined to comment on the development, Apple did not respond to CNN’s request for a statement.
