Microsoft catching up to Apple in market value

Microsoft’s market value reached $850bn on Wednesday

Microsoft’s market value reached $850bn on Wednesday

Today, Microsoft became the most valuable company in the world, surpassing Apple for the first time in years.

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. This marks a momentous event for the Bill Gates-founded company, since the last time that it was hailed as more valuable than Tim Cook's business was in 2010, as per Business Insider. The slump ultimately took the company's market cap below that of Microsoft's on Monday, the first time in more than eight years that Microsoft was worth more by this metric.

Apple's market valuation of $812.60 billion dipped below Microsoft's $812.93 billion as of 1.05pm in NY, meaning it had shed about $300 billion in value after cresting a record $1.1 trillion valuation in early October.

Yet now, that very product is among the the challenges facing Apple, with concerns over weak iPhone demand pressuring shares to fall 25 percent from record levels.

Apple shares
Apple's shares have fallen by almost a quarter since their peak Credit AP

Since early October, Apple was plagued by reports of slowing demand for its iPhones.

On the other hand, Microsoft was able to grow in value thanks to its cloud business and strong PC sales. However, the lead has been shifting back and forth between the two of them.

Microsoft and Apple were bitter rivals for decades. Microsoft has been pumping out quite a few well-received products as of late, including its Surface Headphones, and its Surface laptop-tablet hybrid device line-up.

Due to a dip in Apple's stocks as a result of USA president Donald Trump's statements regarding the Cupertino giant, Microsoft briefly overtook Apple to become the most valuable company in the world.

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