Microsoft briefly became the world’s most valuable company by market capitalization in November 2018, overtaking Apple.
On November 26, 2018, Microsoft’s market value moved above Apple’s as technology shares experienced a volatile period. The ranking depended on daily stock prices, so the lead was not permanent and could change whenever either company’s shares moved.
Microsoft’s transformation from a personal-computer software company into a broader technology platform helped drive its valuation. Products and businesses such as Azure cloud computing, Office 365, enterprise software, and LinkedIn expanded its recurring revenue and reduced reliance on the traditional Windows-and-PC market.
Market-cap rankings are not the same as rankings by revenue, profit, assets, or number of employees. Microsoft and Apple have alternated in the top position at various points, illustrating why a “world’s most valuable company” claim should always include a date and valuation method.