Microsoft has surpassed Apple to become the world’s most valuable publicly traded company. At market close on Friday, Microsoft’s stock closed at $338.47 per share, giving it a market capitalization of $2.89 trillion. On the other hand, Apple’s stock closed at $185.92 per share, resulting in a market capitalization of $2.87 trillion. Market capitalization represents the total value of a company’s publicly traded shares.
Microsoft’s rise to the top can be attributed to its successful ventures in generative artificial intelligence. In 2023, CEO Satya Nadella made a significant investment in AI, incorporating tools like ChatGPT into Microsoft’s product suite ahead of its competitors. Additionally, Microsoft strengthened its partnership with OpenAI, a leading AI company, during a period of board and leadership changes at OpenAI.
Meanwhile, Apple is facing various challenges, including slowing iPhone sales due to reported restrictions by the Chinese government and a temporary ban on selling the latest Apple Watch models in the United States. Microsoft has chosen not to comment on the matter, while Apple has not responded to CNN’s request for a comment. SOURCE: CNN by By Elisabeth Buchwald, CNN