Microsoft was the first company to regain the title of world’s most valuable publicly traded company after Apple held it.
Microsoft overtook Apple by market capitalization in January 2024, briefly taking the top position as its shares benefited from optimism about cloud computing and artificial intelligence. The change was driven by market prices, so the ranking could reverse as either company’s stock moved.
Microsoft’s AI strategy centered on its investment in OpenAI, the integration of generative-AI tools into products such as Microsoft 365, and AI-related demand for its Azure cloud platform. Its long-established Windows and Office businesses continued to provide a large recurring revenue base.
Apple’s valuation faced concerns at that time about iPhone demand, particularly in China. The episode illustrates why “largest company” rankings are not permanent: they reflect current share prices multiplied by shares outstanding, rather than a fixed measure of size.