Microsoft, Apple battle to be most valuable U.S. company

Alicia Cross
December 2, 2018

Shares of the iPhone maker have dropped sharply over the past several weeks, and the decline has erased about US$300 billion in market capitalisation from the company, which crested at a record US$1.1 trillion valuation in early October.

The loss wiped out the 1.35 percent gain during the official trading session and put Apple's stock market value at $814 billion.

Near 1800 GMT, Microsoft hit an overall market capitalization of $812.9 billion, just ahead of Apple's $812.6 billion, according to Bloomberg News.

Analysts have identified the cloud business, which has grown exponentially under Nadella, as one of the main reasons it has caught up so convincingly, coupled with the feeling that Apple is treading water with new devices seeming to drive up profit margins without actually doing much new or revolutionary.

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Apple has slid amid growing concerns that the company is seeing weak demand for iPhones, by far its biggest product line. On the other hand, Microsoft shares also slipped by 0.23 percent, bringing the value of the tech giant to the same as Apple.

It's worth noting that Microsoft's brief reign as the world's most valuable company wasn't necessarily a result of anything it did right.

Microsoft shares rose more than 3 percent as US markets and large cap tech stocks shook off recent losses. "It is not bullish when the biggest stock in the world is in "falling knife" mode", he wrote to clients Monday. While MSFT began to see a pick up in market cap again in the early 2010s, it couldn't keep up with Apple. Amazon holds the third position in the world market with numbers about 736.6 billion dollars and Alphabet stands at the fourth position with nearly 725.5 billion dollars as their overall revenue.

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