Microsoft temporarily overtook Apple as the most valuable listed company in the world. The success of the software group’s investments in the ChatGPT manufacturer OpenAI drove its stock market value by two percent to $2.903 trillion on Thursday. Apple at the same time had a market capitalization of $2.871 trillion.
“It was inevitable that Microsoft would overtake Apple,” said Gil Luria, an analyst at asset manager DA Davidson. The company founded by Bill Gates is growing faster and is better able to benefit from the boom in artificial intelligence (AI). Microsoft integrated OpenAI’s technology into all of its productivity software last year, helping to boost its business. The weak demand in crisis-hit China is increasingly affecting Apple.
The iPhone manufacturer’s shares started the year with a loss of 3.3 percent since the beginning of the month. “China could weigh on Apple’s performance for several years,” wrote experts at brokerage firm Redburn Atlantic. Apple shares closed last year with a gain of 48 percent. Microsoft shares climbed 57 percent over the same period.