Microsoft overtook Apple as the world’s most valuable public company by market capitalization in November 2021.
Microsoft’s shares benefited from strong demand for cloud computing, especially its Azure platform, along with growth in business software and recurring subscriptions. Apple’s shares also remained highly valuable, but a market decline in late 2021 allowed Microsoft to move temporarily into first place.
The ranking was not permanent. Market-cap leadership changes when share prices move, and companies can exchange positions without either business changing its number of outstanding shares dramatically. Microsoft and Apple have repeatedly competed for the top position because both have enormous global revenues and profitable ecosystems.
Microsoft was founded in 1975 by Bill Gates and Paul Allen. Its modern businesses include Windows, Microsoft 365, Azure, Xbox, LinkedIn, and GitHub. The company’s shift toward subscriptions and cloud services helped reshape its valuation story.