MICROSOFT NEARLY OVERTAKES APPLE AS WORLD’S MOST VALUABLE COMPANY

Thu 28 October 2021:

On Wednesday, a jump in Microsoft Corp’s stock nearly unseated Apple Inc as the world’s most valuable company, a day before the iPhone maker releases its quarterly results.

Microsoft’s shares rose 4.2 percent to a record $323.17, boosting the software maker’s market capitalization to $2.426 trillion, only below Apple’s $2.461 trillion valuation, according to Refinitiv data.

Investors are anxious on how the global supply-chain issue is threatening Apple’s ability to meet demand for its iPhones, therefore Apple’s stock is down 0.3 percent ahead of its report due after the bell on Thursday. Microsoft’s stock has risen 45 percent this year, owing to increased demand for its cloud-based services as a result of the pandemic.

Shares of Apple have climbed 12 per cent in 2021. Apple’s stock market value overtook Microsoft’s in 2010 as the iPhone made it the world’s premier consumer technology company.

In recent years, the two companies have switched as Wall Street’s most valuable company, with Apple holding the title since mid-2020.

Microsoft predicted a strong end to the calendar year thanks to its growing cloud business in its report late Tuesday, but it warned that supply-chain issues will continue to dog key units, such as those that make its Surface laptops and Xbox gaming consoles.

According to Refinitiv, analysts expect Apple to publish revenue of $84.8 billion in the September quarter, with adjusted profits per share of $1.24.

According to CNN, Tesla recently surpassed the $1 trillion market cap, making it the sixth business in US history to do so. Shares rose more than 12% Monday, closing at at $1,025, boosted by two pieces of excellent news.

According to the story, Hertz has placed a record order of 100,000 Teslas for its fleet, and Morgan Stanley auto analyst Adam Jonas recently boosted his price prediction on Tesla to $1,200 per share.

(with agency)

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