Microsoft Dethrones Apple as America’s Most Valuable Company
On Monday Microsoft Dethrones Apple as America’s Most Valuable Company. Microsoft hit a valuation point of $813 billion which is $1 billion ahead of Apple’s $812 billion. This is a surprising turn of event because less than two months ago the Washington-headquartered multinational company Microsoft topped out at $887 billion while Apple’s reached a peak above $1.12 trillion. Apple’s achieve this just one month after becoming the first US company with a $1 trillion valuation.
This is a great achievement for Microsoft because The last time Microsoft was more valuable than Apple was in 2010. In August, Apple was the first US company with a $1 trillion valuation but presently Apple has been Overthrown by Microsoft company.
Apple has been devaluating since because the stock market suffered through its so-called Red October. Red October is one of Apple’s worst months since the financial crisis with the tech-heavy Nasdaq Composite which shed more than 12%.
Apple has gotten mangle since early October because the company’s tech sell-off and fears of slowing demand for its iPhones weighed. Many Apple Shares have tumbled into a bear market. Several suppliers have cut their forecasts when they cite a drop in the smartphone demand. This is the reason why Goldman Sachs lowered its price target for the third time in November to $182. It is about 6% above where shares were trading Monday.
Apple launched its new iPad Pro, MacBook Air, and Mac Mini devices lately. All of the devices that Apple launch is just entering the market in time for the shopping season. Recently, The company penned a partnership deal with Amazon to offer Apple devices for sale. Apple company that was America’s Most Valuable Company has been overthrown by Apple as America’s Most Valuable Company.