Microsoft briefly became the world's most valuable public company in January 2024 after its market capitalization passed $3 trillion.
The change reflected movements in Microsoft’s and Apple’s share prices rather than a sudden transfer of cash or assets. Investors were especially focused on Microsoft’s cloud business and its expanding partnership with OpenAI, while Apple faced concerns about iPhone demand.
Market-cap rankings can change within minutes because they depend on live share prices and the number of shares outstanding. Microsoft and Apple have repeatedly exchanged the top position. The ranking also excludes privately held businesses, whose estimated valuations are not measured through continuously traded public shares.