Microsoft has caught up to Apple in market valuation

Apple's stock sours Microsoft's soars. Say what

For the first time in years, Apple Inc. gave up its crown as the world's most valuable publicly traded company on Monday, at least for part of the trading day. According to a report from The Verge, Microsoft's capitalization reached as high as $812.93 billion, exceeding Apple for the first time by about $330 million, albeit very briefly.

Apple no longer the most valuable US company after Microsoft Corporation surpassed it in terms of market capitalization.

The news may come as a shock to many considering that less than two months ago, Apple peaked above $1.2 trillion while Microsoft recorded a market value of $887 billion.

Shares of Apple rose 1.4 percent Monday, while Microsoft jumped 3.3 percent.

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.

Instead, it's likely that Apple's recent struggles with low demand for its latest iPhones are what caused the company's stock - and thus, its market cap - to slide.

Buoyed by a broad rebound in US stocks on Monday, Microsoft jumped 3.11 per cent to $106.28, pushing its market capitalization up to a record $816-billion at mid-day.

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.

According to Rich Ross, a technical analyst at Evercore ISI, Apple's stock "has another 18 per cent downside", which could take the stock to $140, its 200-week moving average. Last month, however, Apple's stock tumbled on a disappointing outlook for the holiday season this quarter.



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