On the other hand, Apple has faced challenges, including slower iPhone sales in China, a public legal battle blocking US sales of its Apple Watch, and three stock downgrades in January. The first downgrade by Barclays resulted in a loss of more than $100 billion in market cap in a single day. Apple's difficulties in China are expected to persist, with government officials banned from using its devices and local competitors like Huawei gaining traction.
Key takeaways:
- Microsoft has surpassed Apple as the world's most valuable publicly traded company, with a market cap of $2.89 trillion.
- Microsoft's success is largely attributed to its investment in AI, particularly its $10 billion investment in OpenAI.
- Apple is facing challenges including a legal battle that has blocked US sales of its Apple Watch, three stock downgrades in January, and slower iPhone sales in China.
- Analysts predict the AI boom will continue into 2024, further benefiting companies like Microsoft that have heavily invested in the technology.