Microsoft Overcomes Apple as U.S.’s Largest Company
Apple’s shares fell Tuesday, while Microsoft edged higher, on pace for another record close.
Tweet on Apple v Microsft shares
@Apple 's shares fell Tuesday, while @Microsoft edged higher, on pace for another record close.#apple #microsoft #shares pic.twitter.com/Xcfc9VzYxg
— The_Journalbiz (@the_journalbiz) January 16, 2024
Factset chart
The software giant is set to increase its lead over the iPhone maker as the U.S.’s largest company by the close of trading. Microsoft’s market capitalization was $86 billion above Apple’s in midday trading.
On Friday, Microsoft’s market value retroactively surpassed Apple’s for the first time since November 2021, based on closing prices. Some of that move could be attributed to a newly issued share count from Apple.
Apple stock fell around 2% Tuesday. It is offering rare discounts in China, including on its latest iPhones. Apple also said it was removing a blood-oxygen sensor from some of its smartwatches to get around a patent dispute.
Microsoft said it would make its Copilot artificial intelligence software more widely available, and struck a 10-year deal with Vodafone to provide generative AI and cloud services.
Microsoft’s stock has benefited over the last year from hopes that AI will drive new revenue for its software business.
