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Microsoft surpasses Apple as world’s most valuable company for a brief moment

Written by Wed 17 Jan 2024

Microsoft briefly surpassed Apple as the world’s most valuable company by market capitalisation, attributed to the company’s emphasis on generative artificial intelligence (GenAI).

On 12 January, Microsoft achieved its highest-ever market capitalisation of £2.277 trillion ($2.887 trillion). This surpassed Apple whose market cap was £2.267 trillion ($2.875 trillion). On 14 December, Apple reached a peak of £2.429 trillion ($3.081 trillion).

Towards the end of the trading day, however, Apple regained the top spot.

Despite a 48% surge last year, Apple’s shares have declined by 3% in 2024 due to concerns about smartphone demand. The company is also facing challenges in China amid economic recovery struggles since COVID-19 and increased competition from Huawei.

Microsoft has experienced a market surge over the past year with its value rising by over £789 billion ($1 trillion).

Microsoft has seen a 3% increase this year, supported by a 57% surge in 2023. This has been partly attributed to its GenAI leadership and investment in ChatGPT developer, OpenAI.

Analysts anticipate Apple’s December quarter revenue to increase by 0.7% to £92.9 billion ($117.9 billion). If correct, this will mark Apple’s first year-on-year revenue growth in four quarters. Microsoft is expected to report a 16% revenue increase to £48.1 billion ($61.1 billion), driven by ongoing growth in its cloud business. 

Apple and Microsoft are scheduled to release their financial results soon, with Apple reporting on 1 February.

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Written by Wed 17 Jan 2024

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