Microsoft overtakes Apple as world’s most valuable company with US$2.89 trillion market capitalisation

It was the first time that the market valuation of the software giant surpassed that of the iPhone maker since 2021

Microsoft’s shares have risen recently partly due to its lead in generative artificial intelligence through an investment in ChatGPT-maker OpenAI

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Published: 9:20pm, 14 Jan 2024Updated: 9:23pm, 14 Jan 2024

Microsoft’s stock market value has ended a trading session higher than Apple’s for the first time since 2021, making it the world’s most valuable company as worries about demand hit the iPhone maker’s shares.

Apple crept up 0.2 per cent on Friday, while Microsoft added 1 per cent. With that, Microsoft’s market capitalisation stood at US$2.887 trillion, its highest ever, according to London Stock Exchange Group (LSEG) data. Apple’s market capitalisation was US$2.875 trillion.

Worries about smartphone demand have pushed Apple’s shares down 3 per cent so far in 2024 after rallying 48 per cent last year. Microsoft is up about 3 per cent year to date after surging 57 per cent in 2023 in a rally driven in part by its lead in generative artificial intelligence through an investment in ChatGPT-maker OpenAI.

Apple’s market capitalisation peaked at US$3.081 trillion on December 14, according to LSEG.

Microsoft has incorporated OpenAI’s technology across its suite of productivity software, a move that helped spark a rebound in its cloud-computing business in the July-September quarter. Its AI lead has also created an opportunity to challenge Google’s dominance of web search.

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