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Microsoft Briefly Overtakes Apple As The World's Most Valuable Company

It's not been a happy new year for Apple, which is the world's first $3 trillion company. Amid the downfall in its shares this month, the iPhone maker has not only lost billions of dollars in market value, but it also briefly lost its title of world’s most valuable company by market value on Thursday to its rival Microsoft.

Vanya Gautam Updated on Jan 12, 2024, 09:57 IST

It's not been a happy new year for Apple, which is?the world's?first $3 trillion company. Amid the downfall in its shares this month, the iPhone maker has not only lost billions of dollars in market value, but it also briefly lost its title of?world’s most valuable company by market value on Thursday to its rival Microsoft.??

Microsoft Briefly Overtakes Apple As World's Most Valuable Company

Apple on Thursday briefly lost the title of being world's most valuable company to its rival Microsoft. However, during the trading on NASDAQ, Apple managed to reclaim its position soon and ended the session by retaining the title.?

Microsoft's market cap?at present is $2.86 trillion, whereas Apple's market cap stands at $2.89 trillion.??

Why Apple Stock Has Had A Nightmare Start To 2024

Apple stock has been falling this year after The New York Times reported that the Justice Department is closer to filing an antitrust case against the Tim Cook-led company. The decline last Friday notched the fifth consecutive negative day for Apple, which turned out to be its longest losing streak since last year's October.

And of course, Apple's market cap too has suffered a crash this year amidst the stock's downfall. Apple's market cap has fallen to $2.89 trillion, losing about $177 billion already this year, as per a Bloomberg report.

The downfall in Apple's stock price and market cap comes amidst the potential?antitrust case against Apple,?which?"would add to the plethora of problems it faces from slowing iPhone sales to Watch patent issues. The suit could attack Apple’s business model of tightly integrating its devices and?services,” the report mentioned.

Apple has been the most valuable publicly-listed company since July 2022 but has seen about $177 billion in market value erased so far this year, according to data compiled by Bloomberg. The losses are the biggest market value destruction at the start of any year on record.

The downturn in Apple's stock began earlier last week after it was?hit by two ratings downgrades, with analysts flagging a weak macro environment in China pressuring demand for iPhones. That hit has?narrowed its lead over tech rival?Microsoft.

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