Apple is poised to retake the title of the world’s most valuable company from Microsoft after ceding the mantle last week.
Now valued at $2.917 trillion, Apple is worth a scant $10 billion less than Microsoft, which is valued at $2.927 trillion. Microsoft has been worth slightly more than Apple since last Thursday, January 11th.
Apple remains the only company to ever break the $3 trillion mark.
The rally in Microsoft shares came as enterprise spending has held up, aiding the company’s Azure cloud-computing business. Azure has also benefited from the artificial-intelligence frenzy. Microsoft’s business is also levered to AI in other ways via its investment in OpenAI.
Apple shares, meanwhile, have been dinged as the company deals with heightened competition in China and general macroeconomic pressure that is weighing on consumer spending, but an upgrade by BofA on Thursday help push Apple shares up 3.26% in regular trading.
MacDailyNews Take: Take note of how many articles were published about Microsoft overtaking Apple in market cap versus how many articles will be published to report that Apple has overtaken Microsoft when it happens. We’d bet it’ll be on the order of 100:1.
MacDailyNews Note: Apple’s first fiscal quarter results and business updates are scheduled for Thursday, February 1, 2024 with earnings results after market close (1:30pm PST / 4:30pm EST) and the company’s conference call with analysts at 2:00pm PST / 5:00pm EST.
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