Microsoft briefly became the world’s most valuable listed company in January 2024 after overtaking Apple by market capitalization.
The change resulted from movements in both companies’ share prices. Investors were especially focused on Microsoft’s cloud-computing business and its investment in OpenAI, while Apple faced concerns about iPhone demand in China and the pace of growth in its hardware business.
Market-cap rankings are relative: a company can become number one because its own shares rise, because a rival’s shares fall, or because both movements happen together. The lead can change repeatedly during a single trading session.
Microsoft was founded in 1975 by Bill Gates and Paul Allen. It later expanded from personal-computer software into cloud services, business software, gaming, search, and artificial-intelligence products.