On Nov. 26, Microsoft briefly surpassed Apple as the world’s most valuable company based on market capitalization, according to Business Insider. The last time that Microsoft was ahead of Apple in market capitalization was eight years ago.
Microsoft’s market capitalization hit $812.93 billion while Apple’s was at $812.60 billion, as reported by The Verge.
In August, Apple’s stock price surged and the company surpassed a $1 trillion valuation. But Apple’s stock price pulled back due to concerns from investors about the majority of the company’s revenue coming from the iPhone and the escalating trade war with China.
Around the time that Satya Nadella was named as CEO of Microsoft, the company’s stock was hovering at between $37 and $38. The company’s stock price closed at $106.47 last week, largely due to Microsoft’s shift to the cloud, according to Forbes.
As of Dec. 2, Apple’s market cap stood at $821 billion, while Microsoft was worth $816 billion.
Another tech giant in the Seattle area is competing for the title of world’s most valuable public company, with Amazon pushing past Apple on Dec. 3. Both Amazon and Apple hit the $1 trillion milestone earlier this year.