Microsoft briefly toppled Apple as the most valuable company in the world

Microsoft briefly toppled Apple as the most valuable company in the world

Microsoft briefly toppled Apple as the most valuable company in the world

Currently, Apple has a market cap of almost $829 billion, meaning it has shed about $270 billion in value after cresting at a record $1.1 trillion valuation in early October.

Since stock prices continue to fluctuate, Microsoft and Apple are still vying for the title of being the most valuable US company. Apple's shares quickly tumbled as many of its suppliers chose to cut their forecasts because of an evident drop in overall smartphone demand. For now though, Microsoft is doing a little better than Apple. It was also the first time since 2013 that any company topped it, ever since Apple eclipsed Exxon Mobil in size, according to an analysis of Bloomberg data.

Apple has slid amid growing concerns the company is seeing weak demand for iPhones, by far its biggest product line.

At the same time, Apple saw its market cap skyrocket higher and higher as the iPhone took over the world.

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There could be more pain ahead for the stock, which could dethrone it from the number-one spot in a more decisive fashion.

But Apple has suffered more than other Silicon Valley stalwarts, down 23 per cent since it warned on 1 November that sales for the crucial holiday quarter would likely miss Wall Street expectations. While MSFT began to see a pick up in market cap again in the early 2010s, it couldn't keep up with Apple. Microsoft has been pumping out quite a few well-received products as of late, including its Surface Headphones, and its Surface laptop-tablet hybrid device line-up.

Below is a chart comparing the market caps of Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) going back to 1986.

According to Rich Ross, a technical analyst at Evercore ISI, Apple's stock "has another 18 percent downside", which could take the stock to $140.

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