Microsoft Surpasses Apple and became the most valuable corporation in the world on Friday after its stock market valuation above Apple’s for the first time since 2021. This happened as concerns about demand hurt the shares of the iPhone manufacturer.
Apple’s stock has dropped 3% in 2024 due to concerns about smartphone demand, despite a 48% increase in value the previous year. After soaring 57% in 2023, thanks in part to its leadership in generative artificial intelligence through an investment in ChatGPT creator OpenAI, Microsoft is up roughly 3% year to date.
As per LSEG, on December 14, Apple’s market capitalization reached its highest point of $3.081 Trillion.
Microsoft’s adoption of OpenAI’s technology throughout its productivity software line contributed to a growth in its cloud computing division during the July–September quarter. Its superior AI capabilities have also made it feasible to challenge Google’s dominance in internet search.
The iPhone, Apple’s cash cow, has seen sluggish demand, which the company has been fighting. Demand has decreased in China, a sizable market, as Huawei is regaining market share as the country’s economy gradually recovers from the COVID-19 pandemic.
LSEG reports that analysts expect Apple to report revenue for the December quarter of $117.9 billion, up 0.7% on average. Its first sales growth year over year in four quarters would occur at that point.
When Microsoft reports in the upcoming weeks, analysts anticipate it will post revenue up 16% to $61.1 billion, driven by the company’s continuing rise in the cloud business.
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