Analysts believe that Microsoft's growth and potential benefits from the AI revolution made it inevitable for the company to overtake Apple. The two have been rivals in the home computing space since the 80s, with Apple previously overtaking Microsoft after the launch of the iPhone. The news has been welcomed by industry figures, with Epic Games boss Tim Sweeney praising Microsoft's track record of supporting and empowering developers.
Key takeaways:
- Microsoft has surpassed Apple to become the world's most valuable company in terms of market value, with a market cap of $2.89 trillion.
- Microsoft's growth has been driven by interest in artificial intelligence, and it is the biggest backer of OpenAI, the creator of chatbot ChatGPT.
- Apple, on the other hand, is experiencing decreasing demand for the iPhone, particularly in China where it faces increased competition from Huawei.
- Analysts believe Microsoft's growth and overtaking of Apple was inevitable due to its faster growth and potential benefits from the AI revolution.