Microsoft has achieved a market value exceeding $3 trillion, securing its place as the world’s second most valuable company, trailing closely behind Apple. The surge came as Microsoft’s shares hit a record high of $405.15, marking a 1.6% increase. This development further intensifies the ongoing competition between Microsoft and Apple for the title of the most capitalized stock on Wall Street.
Microsoft’s success is attributed not only to its core software products but also to strategic investments, including its backing of OpenAI, the creator of ChatGPT. Focused on generative artificial intelligence (AI), Microsoft utilizes OpenAI’s technology to enhance its flagship productivity software and Bing search engine. This positions Microsoft as a frontrunner in the tech race for market dominance, competing with other giants like Google, Amazon, Oracle, and Meta Platforms.
On the other side, Apple faces challenges, particularly in China, where demand for its iPhones is slowing. To counter this, Apple is resorting to rare discounts in a bid to boost sales and stay competitive against local rivals such as Huawei Technologies. As both Microsoft and Apple navigate these dynamics, the coming weeks will test the resilience of Wall Street’s record highs, with technology-related companies preparing to report their results.