Microsoft briefly took over Apple as the most valuable company in the United States. The company’s shares rose by 2.1% on Monday, with Apple’s shares falling by 0.7%.
Apple, which was valued at $1 trillion just back in August, has faced a continued decline in its share prices due to declines in iPhone sales. Microsoft, on the other hand, has been growing steadily mainly thanks to its cloud business. The company’s market cap briefly hit $812.93 billion, crossing Apple’s $812.60 for a brief moment today, reports Bloomberg.
Many major tech companies — including Apple, Alphabet, Amazon, and Facebook has faced somewhat of a troublesome time in the stock market. Microsoft’s shares held up comparatively well at around the same period, however. This also isn’t the first time Redmond took over Apple’s market cap, and with such fluctuations in the stock market, expect to see more of this going forward. We can only really congratulate Microsoft once it steadies its position as the most valuable company, after all.