Microsoft overtook Apple to become the world’s most valuable company by market capitalization in November 2018.
Microsoft briefly took the top position in November 2018 as its shares held up better than Apple’s during a period of concern about iPhone demand and technology-stock volatility. The ranking reflected the market value of each company’s outstanding shares and could change as prices moved.
Microsoft’s transformation from a personal-computer software company into a diversified technology platform helped support its valuation. Its businesses included Windows, Office, enterprise software, cloud computing through Azure, gaming, and professional networking through LinkedIn.
The event is sometimes confused with Microsoft’s earlier history as the first company to reach a particular valuation threshold. Those are separate records. Market-cap leadership is a relative ranking, while reaching a trillion-dollar or other round-number valuation is an absolute milestone.