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28 November 2018, 05:28 | Joann Bryant
A Microsoft logo is seen a day after Microsoft's $26.2 billion purchase of LinkedIn in Los Angeles California US
But with all this movement, those top players are snapping at each others heels, and nowhere is this more evident than yesterday, when Microsoft briefly overtook Apple as the biggest tech company by valuation. This number exceeded Apple's market cap of $812.60 billion.
Apple's market cap ultimately regained its No. 1 rank, closing at $828.64 billion as of 4:05 p.m.in NY, while Microsoft's stood at $822.90 billion after the two spent much of Monday afternoon jockeying for the top seat. This marks a momentous event for the Bill Gates-founded company, since the last time that it was hailed as more valuable than Tim Cook's business was in 2010, as per Business Insider. Apple was even lauded for being the first US company to have a $1 trillion valuation just this past August.
Instead, it's likely that Apple's recent struggles with low demand for its latest iPhones are what caused the company's stock - and thus, its market cap - to slide. While Microsoft dominated Apple during the 80s and 90s, Steve Jobs finally one-upped Bill Gates with the release of the iPod and then the iPhone in the mid-2000s.
The Nasdaq has fallen more than 12 percent since the end of September, with high-flying tech names experiencing big drops. However, the lead has been shifting back and forth between the two of them.
A steep decline in the iPhone maker's share price has left its market capitalization roughly the same as fellow technology bellwether Microsoft Corp. for the first time in more than eight years. At least where money is concerned, the Microsoft vs. Apple rivalry is as fresh as ever.
Microsoft just surpassed Apple in terms of market capitalization.
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