Microsoft briefly dethroned Apple as the world’s most valuable company, as its foray into generative AI continues to push up its stock price.
The software giant’s stock on Thursday jumped as much as 2%, putting the firm’s market valuations at $2.903 trillion. At the same time, Apple’s market cap dropped to $2.871 trillion after shares fell 0.9%, marking the first time since 2021 that the iPhone maker’s value dropped below that of Microsoft.
By Thursday afternoon, however, Apple had regained its title, with Microsoft’s valuation falling to $2.849 trillion.
The surge in shares came shortly after Microsoft reported its revenue grew 7% to $52.9 billion in the third quarter, beating analysts’ expectations, the company’s financial statement shows.
While Apple was the first U.S. company to reach a market value of $3 trillion back in 2022.
Several big tech companies, including Google, Amazon and Meta, have increased the value of their stocks by announcing plans to develop their own AI-powered chatbots or integrate the tech into their products or operations, the Motley Fool reported.
Companies that mentioned AI saw an average stock price increase of 4.6%, according to stock research platform Wall Street Zen.
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