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Apple CEO Tim Cook, left, and Microsoft CEO Satya Nadella.
reuters
Microsoft Ended Friday’s US trading session as the most valuable publicly traded company Apple That’s after the iPhone maker was on top during intraday trading on Thursday.
Microsoft shares rose more than 3% during the week, bringing the company’s market capitalization to $2.89 trillion, while Apple’s stock fell more than 3%, reducing its valuation to $2.87 trillion.
Redburn Atlantic Equities analyst James Cordwell on Wednesday downgraded Apple from buy to neutral, citing “little room for upside over the next few years” in iPhone growth and a “smaller than expected decline in the March quarter.”
Apple said Thursday that former Vice President Al Gore will retire from the company’s board next month after serving as a director since 2003.
Meanwhile, Microsoft received a vote of confidence on Thursday after discussing its artificial intelligence capabilities in front of developers at an event in San Francisco. Piper Sandler analysts told clients in a note that they were “encouraged by the momentum around the most mature AI products” and noted that GitHub website traffic has accelerated for three consecutive months year over year. Analysts have the equivalent of a buy rating on Microsoft shares.
Apple remained the most valuable public company for more than a year, briefly surpassing Saudi Aramco and Microsoft.
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