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  • btc = $69 041.00 224.94 (0.33 %)

  • eth = $3 781.92 40.25 (1.08 %)

  • ton = $6.31 -0.04 (-0.58 %)

12 Jan, 2024
1 min time to read

Microsoft briefly claimed the title of the world's most valuable company on Thursday, overtaking Apple for the first time since 2021.

The shift occurred as concerns over Apple's weak start to the year raised doubts about demand for its products. Microsoft's shares, buoyed by advancements in generative artificial intelligence through its investment in OpenAI, closed 0.5% higher, reaching a market valuation of $2.859 trillion. During the session, it peaked at 2%, briefly reaching a valuation of $2.903 trillion.

In contrast, Apple's shares closed 0.3% lower, resulting in a market capitalization of $2.886 trillion.

Analysts attribute Microsoft's surge to its faster growth and substantial gains from the generative AI revolution, fueled by its collaboration with OpenAI.

In contrast, Apple faces challenges from weakening demand, especially for iPhones, exacerbated by the slow economic recovery in China and increased competition from Huawei. As the two tech giants continue their rivalry, the dynamics of generative AI and market demands could play a crucial role in their ongoing battle for the top spot.