Microsoft overthrows Apple as global market cap leader

Microsoft Corp. has overthrown Apple Inc. as the global market capitalisation leader, with its focus on generative AI, Reuters reported on Monday.

The tech giant witnessed a significant market surge over 2023, with its market value rising by over $1 trillion in one year.

Reuters reported, citing LSEG data, that Microsoft’s market cap stood at $2.887 trillion, its highest ever, while Apple’s market cap stood at $2.875 trillion by Friday’s close.

Reuters said that the boost in Microsoft’s market cap came after it incorporated OpenAI’s technology across various productivity software.

The company’s AI lead also helped it in challenging Google’s dominance of web search.

This also comes as Apple is facing challenges with weakening demand, with iPhone sales in China dropping by 30 per cent during the first week of 2024.