While Apple was sitting at the top for quite a while with almost no signs of it going down, it seems like the iPhone company has met an unexpected match in the form of its long time competitor. Microsoft has beat Apple with its massive $2.46 trillion valuation.
Microsoft Overtakes Apple in Market Valuation
According to a story by MacRumors, Microsoft has actually overtaken Apple as the world's most valuable company. This makes the popular Cupertino tech giant the second most valuable company in the world. The third company is known as the Saudi oil giant called Aramco.
Microsoft sat on a massive market value of $2.46 trillion. Apple, on the other hand, still stood at $2.43 trillion. Apple's own drop in market value follows what Wall Street analysts and experts actually call disappointing quarterly earnings results. This is despite the solid growth in the company's product categories.
Apple Market Valuation
An earlier report released in May 2021 highlighted a number of ways that Microsoft as well as Apple will become much more competitive against each other. The known rivalry is still expected to grow in the upcoming years as both companies are still continuing to invest very heavily in augmented reality as well as artificial intelligence.
As of the moment, however, the total market cap of Microsoft sits at $2.33 trillion while Apple has still maintained its market cap at $2.43 trillion as seen on Yahoo Finance. While Microsoft beating Apple's market cap might have been brief, the company has been climbing closely to the Cupertino giant.
Apple and Microsoft at the Top
An article by Yahoo Finance shared that both Microsoft and Apple have actually switched ranks as the most valuable company a few times during the past. After the massive Cupertino giant held the top spot with the highest market capitalization for around eight years, Microsoft has been repetitively wrestling the lead.
In 2018, the two companies actually had market caps of just a little bit over $800 billion. Microsoft currently has 7.513 billion shares outstanding compared to Apple's very own 16.53 billion. Microsoft has closely been competing with Google in its Q1 2021 earnings but now, the company is going head to head with Apple.
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Apple and Microsoft Milestones
Premarket trading in the shares actually show modest gains for the two companies. The provided Microsoft shares currently sustain the total earnings-induced momentum and Apple all lags due to anxiety ahead of its very own earnings release, as reported on Benzinga.
Apple initially reached the $2 trillion valuation milestone back in August 2020 resulting in the first company to ever do so. Microsoft was actually almost a year behind Apple with the company reaching the milestone in June of 2021. Google could be paying $15 billion to Apple in 2021 in order to retain its default browser status for the iPad, iPhone, and Mac.
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This article is owned by Tech Times
Written by Urian B.
