A steep decline in the iPhone maker's share price has left its market capitalization roughly the same as fellow technology bellwether Microsoft Corp. for the first time in more than eight years.
Today, Microsoft became the most valuable company in the world, surpassing Apple for the first time in years.
Microsoft shares rose more than 3 percent as US markets and large cap tech stocks shook off recent losses.
Microsoft and Apple are duking it out.
Microsoft hit an overall market capitalisation of $812.9 billion yesterday evening on Wall Street - just ahead of Apple's $812.6 billion, according to Bloomberg News. Apple's shares quickly tumbled as many of its suppliers chose to cut their forecasts because of an evident drop in overall smartphone demand.
Global demand for smartphones has slowed in recent years, making it more hard for Apple to increase its revenue.
Apple has slid amid growing concerns the company is seeing weak demand for iPhones, by far its biggest product line. At least where money is concerned, the Microsoft vs. Apple rivalry is as fresh as ever.
While Apple analysts see it transitioning to a business model based more on services than unit sales, there could be more pain ahead for the stock, which could dethrone it from the number-one spot in a more decisive fashion. "It is not bullish when the biggest stock in the world is in "falling knife" mode", he wrote to clients on Monday.
The news may come as a shock to many considering that less than two months ago, Apple peaked above $1.2 trillion while Microsoft recorded a market value of $887 billion. It was joined a month later by Amazon.
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