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Norway’s $1.6 trillion sovereign wealth fund, the world’s largest, reported on Tuesday a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks. The fund’s most valuable company stakes were in Apple, Microsoft and Nvidia. Gwladys Fouche for Reuters: ‎ The results compared with a record loss in 2022 of 1.64 trillion crowns, when tech stocks fell. “2023 ended a lot better than expected,” NBIM CEO Nicolai Tangen told a press conference. The fund’s return on investment in 2023 stood at 16.1% for the year, 0.18 percentage point lower than the return on its benchmark index. Norway is a major crude oil exporter and Europe’s largest gas supplier after a…

Microsoft’s market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world’s second most valuable company, just behind Mac-maker Apple which became the first company to hit $3 trillion market value on January 3, 2022. Reuters: ‎ Microsoft and Apple shares have been vying for the top spot as the most capitalized stock on Wall Street since the start of the year, with the iPhone maker briefly losing its crown to the X-box owner earlier in January. Shares of Microsoft hit a record high of $404.72, up 1.5%, and allowing the tech giant to briefly breach the $3 trillion market capitalization. Apple’s shares were trading at $195.47, up 0.14%, giving it a…

Well, that didn’t take long. Apple passed Microsoft in Monday trading to reclaim the title of the world’s most valuable public company. Apple now has a valuation of $2.998trillion, slightly ahead of the Microsoft at $2.957 trillion. Microsoft’s valuation briefly exceeded Apple’s market cap last week, before falling back. prior, Apple had spent more than 500 days as the stock market’s most valued company. Microsoft had previously briefly held the top spot on a closing basis in November 2021. MacDailyNews Take: Take note of how many articles were published about Microsoft overtaking Apple in market cap versus how many articles are published to report that Apple has regained the top spot from Microsoft. We bet it’ll be on the order…

Apple is poised to retake the title of the world’s most valuable company from Microsoft after ceding the mantle last week. Emily Bary for MarketWatch: ‎ 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…

On January 13, 2000, Steve Jobs' longtime frenemy Bill Gates stepped down from his role as Microsoft CEO. It was a tech turning point. (via Cult of Mac - Apple news, reviews and how-tos)