For the first time in eight years, Microsoft Corp‘s stock market value overtook that of Apple’s, with shares of the Windows maker rising 0.6 percent to end the week at $110.89.
On Friday, Microsoft managed to not only become the world’s most valuable listed company, but also succeeded at reclaiming the number one spot after over 15 years.
The software giant led by Satya Nadella ended Friday with a market value of $851.2 billion, compared to Apple’s $847.4 billion.
While Apple’s shares fell 0.5 percent to $178.58 on the day, Microsoft clearly benefited from the growth in cloud computing and from the losses that Apple suffered after investors expressed concerns regarding iPhone demand.
Ever since this summer, when Apple became the first trillion dollar company in the U.S., both the firms have been aiming to outdo each other.
However, Apple has managed to remain ahead of Microsoft at the end of each trading day.
Then, on Friday, Microsoft shares gained even as Apple’s shares continued to plunge, dropping 0.5 percent to finding the day at $178.60.
After being ranked as the world’s most valuable company in the early 2000s, Microsoft lost its crown to Apple, in 2010 – when the iPhone maker first became the most valuable technology firm.
However, since October, Apple’s shares have fallen almost 25 percent as concerns about slowing demand for iPhone and the possibility of additional U.S. tariffs on Chinese-made goods rise.
The concerns have triggered a sell-off, that has wiped out over $200 billion from Apple’s market value.
While Apple continues to remain the bigger company in terms of annual revenue and profit, the growing cloud services unit at Microsoft, along with its other promising businesses, have continued to give hopes to investors that the Windows maker has brighter future prospects.