Microsoft has overtaken Apple to become the world’s most valuable company. This, after Apple entered 2024 its worst start in years die to concerns of increasing demand.
Microsoft shares increased by 1.5 percent, taking the company’s valuation to $2.888 trillion. Apple on the other hand, was 0.3 percent lower with a valuation of $2.887 trillion. This is the first time since 2021 that Apple’s valuation has dropped below that of Microsoft’s. Then, it was covid-related supply chain shortages which dropped the company’s valuation.
Apple has been facing serious competition from China-based manufacturers Huawei and Sino-U. The iPhone, Apple’s biggest moneymaker is witnessing weaker sales in China due to this.
Apple shares ended last year with a 48 percent gain. The market capitalisation peaked at $3.081 trillion. However, it remained lower than Microsoft, who reported a 57 percent increase, thanks to its portfolio of Gen AI tools and its association with ChatGPT parent OpenAI.