Microsoft on Thursday replaced Apple as the most valuable company in the world. The tech giant has achieved this feat for the first time since 2021. The market capitalisation of the company has reached $2.87 trillion.
Azure, Microsoft's cloud computing platform has become a dominant force challenging Amazon Web Services for market share. In the last quarter, Azure's revenue soared 40% year-over-year.
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Microsoft shares have also gotten a boost since last year after the company's early lead in generative artificial intelligence when it invested in ChatGPT-maker OpenAI.
Meanwhile Apple's shares were 0.9% lower on Thursday. The company is also facing an antitrust case from the US Department of Justice. Foxconn has also seen its year-on-year decline in revenue. Analysts have also downgraded Apple's stock citing lacklustre iPhone15 sales in China.
However, Apple has scope to recover from its losses as it is preparing to launch its next big product VisionPro.