Apple's valuation since the release of its latest iPhone models has been something of a downward spiral, and today the company briefly lost its position as the world's most valuable company to Microsoft. Back in August, the Cupertino company beat tech giants such as Google, Amazon, and Microsoft itself to the $1 trillion mark in terms of market capitalization, but the story has changed dramatically since then.
Despite all their power, Apple's latest iPhones have apparently not been as successful as it had hoped, and shares for the company as well as many of its suppliers have dipped in light of those events. Apple also has apparently cut back on the production of its 2018 iPhones, especially the cheaper iPhone Xr, which has been disappointing despite the lower price point.
With all of this going on, it shouldn't be entirely surprising that the company's valuation would drop. Today, for a brief period of time, Apple's market cap was $812.60 billion, at which point it was below Microsoft's $812.93 billion valuation, effectively making the Redmond company the most valuable in the world, even if just for less than a day.
While Microsoft isn't the most popular company among consumers, its investments in cloud infrastructure, AI, and other businesses make it more valuable than its popularity might have you believe. Earlier this year, it surpassed Google's valuation for the first time in three years, and it also sits ahead of Amazon at this point. Despite the fate of some of its consumer products, it seems that Microsoft is growing at a solid pace in its current areas of business.
Source: The Verge