Microsoft overtakes Apple as world’s most valuable company

Microsoft overtook Apple as the world’s most valuable company on Thursday after the iPhone maker’s shares made a weak start to 2024 due to growing concerns over demand.

Shares of Redmond, Washington-based Microsoft were last up 1.6%, giving it a market valuation of $2.875 trillion as its early lead in the race to make money from generative artificial intelligence helped draw investors.

Apple was 0.9% lower with a market capitalization of $2.871 trillion – the first time since 2021 that its valuation has fallen below that of Microsoft.