Microsoft reached a historic moment on Wednesday as its stock market value exceeded $3 trillion for the first time. This positions the tech giant as the world's second most valuable company, closely trailing behind Apple.
Since the beginning of the year, Microsoft and Apple stocks have been in competition for the title of the most capitalized stock on Wall Street. In January, the software giant briefly took the lead, causing the iPhone maker to temporarily lose its top position, as per a report by Reuters.
Attaining a record high of $405.63 per share, Microsoft saw a 1.7 per cent increase, pushing its market capitalization past the $3 trillion mark. However, the euphoria didn't last for long, as by the close of the trading session, the stock settled at $402.56, bringing Microsoft's valuation to $2.99 trillion, slightly below the threshold of $403.65 necessary to remain above the $3 trillion level.
Securing its position just ahead, Apple maintains a slight lead with a market capitalization of $3.01 trillion, achieved for the first time in January 2022 when it crossed the $3 trillion threshold.
Given its investment in OpenAI, Microsoft is at the forefront of the competition for market supremacy in deploying generative artificial intelligence (AI), surpassing other tech giants such as Alphabet, Amazon, Oracle, and Meta Platforms.
Leveraging OpenAI's technology, Microsoft has updated its key productivity software products along with the Bing search engine to enhance competition with Google. Meanwhile, Apple is addressing sluggish iPhone demand in China by offering rare discounts to stimulate sales, facing tough competition from local rivals like Huawei.