For the first time since 2021, Apple Inc (NASDAQ:AAPL) is no longer the most valuable public company in the world, losing the crown to rival Microsoft Corporation (NASDAQ:MSFT), who has been helped by its investments in artificial intelligence.
What Happened: Tech giant Microsoft became the most valuable public company in the world Thursday, valued at more than $2.86 trillion.
With its share gain Thursday, Microsoft passes Apple, which is now valued at $2.85 trillion and had held the title for more than one year. Apple was also the first public company to pass market capitalization valuations of $2 trillion and $3 trillion previously.
Microsoft saw shares gain over 64% in the last year, helped by investments in artificial intelligence and strong earnings. In the first quarter, revenue was up 13% year-over-year for Microsoft, beating estimates from analysts.
“We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers,” Microsoft CEO Satya Nadella said at the time.
Shares of Microsoft got a boost Wednesday after announcing new artificial intelligence updates. With its investment in ChatGPT parent OpenAI, Microsoft continues to be a favorite stock among investors and analysts looking to capture the growth of the artificial intelligence market.
Apple shares are up 40% over the last year, but have struggled in recent weeks. The company’s fourth quarter financial results came in ahead of Street estimates, but key financial figures for the company’s iPhone came in below estimates.
Concerns over iPhone 15 demand and the company’s exposure to China and a potential ban on all new iPhones in the region have worsened expectations for the tech giant.
Related Link: Microsoft’s Q1 Earnings Spotlight: Revenue Beat, EPS Jumps 27%, Rapid AI Infusion
Why It’s Important: Apple has held the most valuable company title for several years, thanks to its strong dominance in several categories.
Microsoft passed Apple in both 2018 and 2021 and has been one of the biggest rivals to the tech giant in terms of market capitalization.
Microsoft’s top ranking could be short-lived like several previous times, or it could last for some time if Apple struggles and artificial intelligence investments continue to pay off for…
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