A sharp rise in Apple’s share price allowed the Mac-maker to regain the title of publicly traded company with the highest market capitalization n the world. It beat out Microsoft, who’d held the top spot for less than a month.
An unconfirmed report of Apple’s aggressive plans to make self-driving cars helped drive a 6% increase over the past week.
Apple vs Microsoft: The stock market competition
Cupertino share prices have been climbing into the stratosphere for years, with the company’s valuation passing $2 trillion in summer 2020. Since then it climbed to over $2.5 trillion.
But it hit a speed bump in October after announcing relatively weak Q3 iPhone revenue. The stock dropped to the point that its market capitalization fell below $2.5T… and below Microsoft’s valuation. That made the developer of Windows the world’s most valuable publicly traded company.
But the Mac-maker’s share price started going up on Tuesday, November 16. And a Nov. 18 report of an upcoming Apple self-driving car with no steering wheel kicked stock into high gear.
AAPL’s market capitalization is now $2.634 trillion, according to Yahoo Finance. MSFT’s valuation currently stands at $2.576 trillion.
Google stands as the third most valuable company at $1.984 trillion. Amazon is in fifth place with a market cap of $1.865 trillion.
