Microsoft has caught up to Apple in market valuation

Source Reuters

Source Reuters

Microsoft has lost some public mindshare to Apple in the past few years as the Android vs iOS battle became as important at the Mac vs PC one, and Microsoft failed to capture the mobile market.

At 1:05 p.m. ET, Apple's $812.60 billion market value fell below Microsoft's $812.93 billion, allowing the Redmond, Washington-based tech giant to snatch the world's most valuable company title from Cupertino.

Microsoft shares rose more than 3 percent as US markets and large cap tech stocks shook off recent losses.

If the company can continue to deliver in that area, maybe it will reach this milestone again; preferably on a more permanent level.

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Apple's market cap ultimately regained its No. 1 rank, closing at $828.64 billion as of 4:05 NY, while Microsoft's stood at $822.90 billion after the two spent much of Monday afternoon jockeying for the top seat. "It most likely won't be long until Microsoft is firmly entrenched again as No. 1 in the world", Bloomberg's Shira Ovide wrote.

Apple has slid amid growing concerns the company is seeing weak demand for iPhones, by far its biggest product line. Microsoft had rallied by more than 3 per cent during Monday's official trading session, when the market notched broad gains. While Microsoft hasn't been immune from weakness in the technology sector, it has held up much better, falling just 9 percent from its own all-time high.

However, Microsoft's surge to the top spot was short-lived as Apple's value hit $822.9 billion in later trae, about $7 billion above Microsoft's. When he took over in 2014, Nadella said he wanted to focus on its subscription-based businesses and the cloud. Just last month, Amazon and Google parent Alphabet were also ahead of Microsoft in market capitalization.

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