Microsoft became the world’s most valuable public company in November 2018 by overtaking Apple.
The change followed a period in which Microsoft’s share price rose on investor confidence in cloud computing, enterprise software, and recurring subscription revenue. Apple’s stock was under pressure at the same time as concerns grew about iPhone demand and the effects of trade tensions.
Microsoft had changed substantially since its earlier identity as primarily a personal-computer software company. Under CEO Satya Nadella, who became chief executive in 2014, Azure cloud services and subscription products such as Microsoft 365 became major growth areas. The company also owns businesses including LinkedIn, Xbox, and GitHub.
Market-cap leadership is not permanent. Microsoft and Apple have repeatedly exchanged the top position, and companies in energy, e-commerce, and artificial intelligence have also challenged them. The ranking measures public equity value, not which company has the highest revenue or the most employees.