Microsoft briefly overtakes Apple as world's most valuable company
Business
Apple's market value has fallen below Microsoft's capitalisation for the first time since 2021.
According to Reuters, Microsoft has surpassed Apple to become the leader in market value among companies. Microsoft's shares rose 2%, pushing the company's value to $2.903 trillion, while Apple's shares fell 0.9%, reducing the company's capitalisation to $2.871 trillion.
"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," said Gil Luria, an analyst at DA Davidson.
In 2019, Microsoft committed $1bn to invest in OpenAI for the first time, making it the exclusive cloud computing provider for the company.
In early 2023, Microsoft announced plans for a significant long-term investment in OpenAI's billion-dollar artificial intelligence (AI) lab.
"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," said Gil Luria, an analyst at DA Davidson.
In 2019, Microsoft committed $1bn to invest in OpenAI for the first time, making it the exclusive cloud computing provider for the company.
In early 2023, Microsoft announced plans for a significant long-term investment in OpenAI's billion-dollar artificial intelligence (AI) lab.
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