Microsoft is back on top.
After trailing behind Apple for the majority of the past decade, Microsoft is the worlds most valuable publicly traded company as of market close on Friday.
On Friday, the tech giant Microsoft's (MSFT) stock closed at $338.47 per share, resulting in a market capitalization of $2.89 trillion. Similarly, Apple's (AAPL) stock closed at $185.92 per share, with a market capitalization of $2.87 trillion. Market capitalization, or market cap, represents the total value of a publicly traded company's shares and is essentially the market value of the company.
Microsoft's success has been propelled by its achievements in generative artificial intelligence, particularly after the company's CEO, Satya Nadella, made a multi-billion dollar investment in AI in 2023. This included the commercialization and integration of AI tools like ChatGPT into its suite of products, giving Microsoft a competitive edge over its rivals.
He further solidified Microsoft's connections with ChatGPT creator OpenAI, a key innovator in the artificial intelligence field, amidst organizational changes in the smaller company's board and leadership towards the end of last year.
At the same time, Apple is encountering a series of challenges. iPhone sales are declining partly due to the reported efforts by the Chinese government to limit purchases (Beijing denies imposing any restrictions), which has contributed to Chinese smartphone maker Huawei gaining market share.
Apple also recently contended with a brief ban from selling the latest Apple Watch models in the United States.
Apple and Microsoft did not immediately respond to CNNs request for comment.
