Microsoft and Apple are competing head-to-head to be the most valuable company. That exceeded by more than $1 billion the value of Apple, which has tumbled this month on concern about iPhone unit sales.
Apple obviously was in no mood to lose it again to Microsoft but as its iPhone sales were not as par with the expectation, the tech giant finally met the defeat by slipping one position in the list of the top US-based company.
As reported by Bloomberg, Microsoft today caught up with and surpassed its competitor in terms of market capitalization, hitting a total valuation of $812.93 billion at around 1:05PM EST. It was also the first time since 2013 that any company topped it, ever since Apple eclipsed Exxon Mobil Corp.in size, according to an analysis of Bloomberg data. While Microsoft hasn't been immune from weakness in the technology sector, it has held up much better, falling just 9 per cent from its own all-time high.
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Apple's valuation has been in a freefall since passing the $1-trillion mark in August, and shares have fallen 22 percent after the issuance of relatively weak first-quarter guidance and despite Cupertino's Q4 earnings beat.
According to Rich Ross, a technical analyst at Evercore ISI, Apple's stock "has another 18 percent downside", which could take the stock to $140.
Shares of Apple fell 0.7 percent on Monday, while Microsoft rose as 2.1 percent. "It is not bullish when the biggest stock in the world is in "falling knife" mode", he wrote to clients on Monday.
Earlier this year, Microsoft surpassed Google in market cap value, and then passed Amazon last month as well.