Published: Fri, November 30, 2018
Markets | By Otis Pena

Microsoft tops Apple as world's most valuable company

Microsoft tops Apple as world's most valuable company

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.

However, for a brief moment on Monday, Microsoft surpassed Apple to become the most valuable company in the world.

Apple stock is on pace to have its worst month since 2008, dropping 21% and wiping out over $200 billion in value.

As per Business Insider, the move was a surprising one as less than two months ago Microsoft's market value reached at $887 billion, whereas Apple's reached a peak above $1.12 trillion, marking itself as the first United States company with a $1 trillion valuation, but soon lost the status. Shares of Apple rose 0.9 per cent, erasing an earlier decline, while Microsoft climbed 3.2 per cent. The last time Microsoft was bigger than Apple by this metric was in mid-2010, according to data compiled by Bloomberg.

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Apple and Microsoft have one of the most storied rivalries in Silicon Valley, one that goes back to the mid-1970s, when both were founded within a year of each other and focused on making breakthroughs in developing personal computers.

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. Microsoft briefly overtook Apple's market value during trading hours, but as of writing, it's a bit of a wash.

But Apple has suffered more than other Silicon Valley stalwarts, down 23 per cent since it warned on November 1 that sales for the crucial holiday quarter would likely miss Wall Street expectations.

Rich Ross, a technical analyst at Everscore ISI, said Apple could see another 18 percent slide. "It is not bullish when the biggest stock in the world is in "falling knife" mode", he wrote to clients on Monday.

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