- Apple passed Microsoft on a market-capitalization basis on Friday to take back the crown as the world’s most valuable company.
- The iPhone maker was valued at roughly $1.065 trillion as of 11:20 a.m. ET, edging past Microsoft’s $1.063 trillion valuation.
- Apple’s stock has surged in recent weeks as numerous analysts anticipate that iPhone 11 sales will surpass initial estimates.
- Meanwhile, Microsoft was among those hardest hit by a broad tech-sector sell-off.
- Watch Apple trade live here.
Apple surpassed Microsoft in market capitalization on Friday morning to retake the throne as the world’s most valuable company.
The iPhone maker was valued at about $1.065 trillion as of 11:20 a.m. ET, edging past Microsoft’s $1.063 trillion market cap.
Microsoft has held the market-value crown since April 25, when it beat estimates for quarterly earnings and breached the $1 trillion threshold for the first time.
Apple’s stock has surged in recent weeks as numerous analysts have predicted better-than-expected iPhone 11 sales. Many firms had anticipated that people would skip out on Apple’s latest phone lineup to wait for iPhones released in 2020, rumored to have 5G connectivity.
Further, Microsoft was caught in broad stock sell-off, falling as much as 2.2% on Friday. Apple was largely spared, declining by just 0.4% at its intraday low.
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Interbrand on Friday ranked Apple as the world’s most valuable brand name, putting Microsoft in fourth place; Google and Amazon took second and third place. The brand-consultancy firm based its rankings on brand strength, value added to the company by the brand, and plans for the brand.
The report marked Apple’s seventh consecutive year in Interbrand’s top spot.
Apple became the first US company to break a $1 trillion valuation in August 2018.
Apple traded at $235.37 per share as of 11:55 a.m. ET, up roughly 50% year-to-date.
The tech giant has 25 “buy” ratings, 17 “hold” ratings, and six “sell” ratings from analysts, with a consensus price target of $225.01, according to Bloomberg data.
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