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Apple is at risk of losing its title of the world’s most valuable company to its fellow tech giant Microsoft. Apple didn’t have a great start to the year 2024, a number of developments have impacted the iPhone maker’s market cap. At the same time, Microsoft continues to ride the AI wave.
As per a report by news agency Reuters, worries about smartphone demand have pushed Apple’s shares down around 4% in 2024 after rallying almost 48% last year. Microsoft was up about 2% year till Wednesday (January 10) after surging 57% in 2023.
At the time of writing, Apple’s stock market value is now at $2.9 trillion, compared to Microsoft’s $2.84 trillion value. On Wednesday, Apple dipped 0.4% on Wednesday, while Microsoft added 1.6%. Apple’s stock market value was at $2.866 trillion, compared to Microsoft’s $2.837 trillion value – eroding the iPhone maker’s lead.
Bumpy start for Apple in 2024
The year started with a number of bad news for Apple. Barclays published a research note with its expectations on Apple, impacting the company shares which fell nearly 3.6% to a seven-week low on January 2. It suggested that “weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads, and wearables.”
Then a report in The New York Times said that the US Justice Department will soon file an antitrust case against the company, sending shares price tumbling.
If that was not enough, a note from Jefferies analysts suggested a 30% decline in iPhone sales in China on a year-over-year basis for the first week of January. This led to a marginal decline but it recovered after the company announced the release date of its Vision Pro headset.
Apple’s market capitalisation peaked at $3.081 trillion on December 14, while Microsoft’s value reached as much as $2.844 trillion on November 28. Apple is the only tech company that has breached the 3 trillion threshold multiple times.
However, it was in June 2023 when Apple’s market cap closed above $3 trillion for the first time ever.
As per a report by news agency Reuters, worries about smartphone demand have pushed Apple’s shares down around 4% in 2024 after rallying almost 48% last year. Microsoft was up about 2% year till Wednesday (January 10) after surging 57% in 2023.
At the time of writing, Apple’s stock market value is now at $2.9 trillion, compared to Microsoft’s $2.84 trillion value. On Wednesday, Apple dipped 0.4% on Wednesday, while Microsoft added 1.6%. Apple’s stock market value was at $2.866 trillion, compared to Microsoft’s $2.837 trillion value – eroding the iPhone maker’s lead.
Bumpy start for Apple in 2024
The year started with a number of bad news for Apple. Barclays published a research note with its expectations on Apple, impacting the company shares which fell nearly 3.6% to a seven-week low on January 2. It suggested that “weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads, and wearables.”
Then a report in The New York Times said that the US Justice Department will soon file an antitrust case against the company, sending shares price tumbling.
If that was not enough, a note from Jefferies analysts suggested a 30% decline in iPhone sales in China on a year-over-year basis for the first week of January. This led to a marginal decline but it recovered after the company announced the release date of its Vision Pro headset.
Apple’s market capitalisation peaked at $3.081 trillion on December 14, while Microsoft’s value reached as much as $2.844 trillion on November 28. Apple is the only tech company that has breached the 3 trillion threshold multiple times.
However, it was in June 2023 when Apple’s market cap closed above $3 trillion for the first time ever.
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