In a notable shift of fortunes, Microsoft has dethroned Apple as the most valuable publicly traded company, marking a momentous achievement in the world of business. This momentary yet significant transition occurred during intraday trading on Thursday and was further solidified by the end of Friday’s U.S. trading session.
Microsoft’s remarkable performance in the stock market witnessed its shares soaring by more than 3% over the week, propelling the company’s market capitalization to an astounding $2.89 trillion. In contrast, Apple experienced a decline of over 3% in its stock price, leading to a reduction in its overall valuation to $2.87 trillion.
This shift in leadership was partly influenced by Apple facing a downgrade from Redburn Atlantic Equities analyst James Cordwell, who shifted their stance on the tech giant from a “buy” to a “neutral” rating. Meanwhile, Microsoft received a vote of confidence as it showcased its artificial intelligence capabilities to developers at an event in San Francisco.
Piper Sandler analysts expressed optimism about the strong momentum surrounding Microsoft’s mature AI products, leading to a positive outlook and the equivalent of a “buy” rating on the company’s shares. While Apple has maintained its position as the most valuable publicly traded company for over a year, Microsoft’s recent surge reflects the dynamic nature of the stock market.