Microsoft briefly surpassed Apple as the world’s most valuable company on January 11, 2024.
This marked the first time since 2021 that Microsoft took the lead, as Apple faced a sluggish start to the year with concerns over demand for its shares.
Microsoft’s surge in value is attributed to its strategic investment in generative artificial intelligence, particularly through its involvement with OpenAI, the creator of ChatGPT.
Microsoft’s stock closed 0.5% higher, reaching a market valuation of $2.859 trillion, briefly peaking at $2.903 trillion during the session.
Analysts anticipate Microsoft’s continued growth, fueled by its advancements in generative AI, while Apple contends with weakening demand, especially for the iPhone, and challenges in the Chinese market.
Currently, Wall Street expresses a more positive outlook on Microsoft, with no “sell” ratings and approximately 90% of brokerages recommending the stock, in contrast to Apple, which has two “sell” ratings and two-thirds of analysts rating it as a “buy.”
