Microsoft has achieved a significant milestone by surpassing a $3 trillion market value for the first time in its history.
It solidifies Microsoft’s position as the world’s second most valuable company, trailing closely behind Apple.
The race for the title of the most capitalized stock on Wall Street has been closely watched since the beginning of the year, with Microsoft and Apple frequently exchanging the top spot.
Earlier in January, Microsoft briefly claimed the crown as the most valuable company.
Market cap
Microsoft’s stock reached a historic high of $405.63, registering a 1.7% increase, which allowed the company to breach the $3 trillion market capitalisation mark.
Meanwhile, Apple’s shares experienced a slight decline of 0.35%, trading at $194.82, resulting in a market value of $3.01 trillion, according to data from LSEG.
Microsoft’s strategic investments, including its involvement with ChatGPT creator OpenAI, have positioned the company as a frontrunner in the race for market dominance in the field of generative artificial intelligence (AI).
Competing with other tech giants like Google’s parent company Alphabet, Amazon, Oracle, and Meta Platforms (formerly Facebook),
Microsoft’s utilization of OpenAI’s technology has led to the development of enhanced versions of its flagship productivity software and its Bing search engine, which is expected to compete more effectively with Google’s dominant search offering.
In contrast, Apple faces challenges such as slowing iPhone demand, particularly in China, where the company has resorted to offering rare discounts to boost sales amidst fierce competition from domestic rivals like Huawei Technologies.
