Microsoft briefly overtook Apple as the world’s most valuable listed company in January 2024.
Microsoft moved ahead of Apple in market capitalization during January 2024 trading. Investors were encouraged by Microsoft’s cloud-computing growth and its substantial investment in artificial-intelligence products, including its partnership with OpenAI and AI features across its software ecosystem.
Apple remained one of the world’s most valuable companies, but concerns about iPhone demand and sales in China weighed on its share price at the time. Because market capitalization changes whenever share prices move, leadership can switch without either company issuing new shares or changing its underlying business overnight.
Microsoft and Apple have repeatedly traded places near the top of global rankings. Their positions can also differ depending on whether a ranking uses intraday values, closing prices, or a particular currency conversion.