Proactive Investors - Microsoft Corporation (NASDAQ:MSFT) supplanted Apple Inc (NASDAQ:AAPL, ETR:APC) as the most valuable publicly traded company Thursday morning, signaling a potential shift among the biggest players in tech.
Shares of Microsoft are down 0.5% early Thursday afternoon and Apple stock has fallen more than 1%, positioning Microsoft to take the crown.
Microsoft gained significant ground on Apple in 2023, with its share price climbing 57% in 2023 thanks in large part to its success in the artificial intelligence space, including its investments in ChatGPT developer OpenAI. Shares of Apple gained 48% over the same period.
Meanwhile, Apple has endured some recent struggles. Foxconn, which assembles iPhones in China, reported a year-over-year revenue drop last week.
Additionally, the US Department of Justice is exploring an antitrust case against Apple that could come later this year, according to reporting from The New York Times.
Apple has also been tagged with recent downgrades from analysts at Barclays (LON:BARC) and Piper Sandler.
Microsoft and Apple have dueled for the top spot in the past, with Microsoft edging out Apple as the most valuable public company in 2018 and 2021. However, Apple would go on to become the first company to cross the $3 trillion market cap threshold. Saudi Aramco (TADAWUL:2222) also briefly held the title before Apple reclaimed it.
As of Thursday’s close, however, it may belong to Microsoft.