Microsoft overtook Apple to become the world’s most valuable public company in January 2021.
Microsoft briefly moved ahead of Apple by market capitalization in January 2021. The shift reflected a combination of Microsoft’s rising share price, strong cloud-computing performance, and investor demand for recurring enterprise software revenue. Apple’s stock also moved during the period, so the ranking was not permanent.
Microsoft’s transformation under chief executive Satya Nadella was central to the company’s changing market perception. Azure, Microsoft 365 subscriptions, LinkedIn, and other cloud-linked services reduced the company’s dependence on the personal-computer market.
Market-cap leadership can change without either company making a major acquisition. Since the ranking uses live share prices and outstanding shares, even modest daily movements can reverse the order. This is why historical claims should specify a date or period.