Microsoft briefly overtook Apple as the most valuable tech company in the world, after share price pushed market cap to $2.87 trillion
Share price movements on Thursday saw Microsoft briefly overtake Apple to become the most valuable tech firm in the world.
Microsoft’s share price rose 1.6 percent on Thursday, giving it a market capitalisation of $2.875 trillion, before falling to $2.83 trillion as of 5pm GMT.
Apple meanwhile saw its share price fall slightly over concerns about weak demand, but as of 5pm GMT the iPhone maker was worth $2.86 trillion.
It was the first time since 2021 that Apple’s valuation has fallen below that of Microsoft, after concerns about Covid-impacted supply chain shortages two years ago had dented the iPhone maker’s stock price.
Apple meanwhile is worrying investors over concerns that sales of the iPhone, its biggest money maker, will remain weak, especially in the major market of China.
It should be remembered that Apple had become the first publicly listed US company worth $1 trillion back in August 2018.
Then in August 2020, as the Coronavirus pandemic was engulfing the world, Apple breached the $2 trillion valuation.
Then in January 2022 Apple became the first company ever to (briefly) reach the $3 trillion market capitalisation milestone, after its shares hit a record high of $182.88.
However, it soon dipped below the $3 trillion mark.
Rival tech stocks
But Microsoft and Apple are not alone as being a tech company valued over a trillion dollars.