For years, Apple has been the world’s most valuable technology company. It was the first to reach $1 trillion and $3 trillion in market value. However, Microsoft is now closing in on Apple’s lead.
According to a report, Microsoft is currently valued at $2.73 trillion while Apple is at $2.83 trillion. The gap between the two companies is only about $100 billion.
Microsoft’s stock has surged nearly 60% in 2023 compared to 48% for Apple. Microsoft’s cloud platform Azure has been driving growth by attracting businesses.
Meanwhile, Apple’s iPhone revenue is plateauing as the smartphone market nears saturation. Apple is looking at services and new products like its VisionPro augmented reality device for future growth.
Two analysts have downgraded Apple’s stock recently. In the short-term, Microsoft may edge out Apple as the most valuable tech firm. However, Apple still has strong fundamentals and new innovations in the pipeline.
The race between the two tech giants for the top valuation spot will likely continue over the next few years.