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Apple CEO Tim Cook (left) and Microsoft CEO Satya Nadella.
Reuters
Microsoft ended Friday’s U.S. trading as the most valuable publicly traded company, outperforming Apple after briefly outperforming the iPhone maker in intraday trading on Thursday.
Microsoft shares rose more than 3% for the week, giving the company a market capitalization of $2.89 trillion, while Apple shares fell more than 3%, lowering its valuation to $2.87 trillion.
James Caldwell, an analyst at Redburn Atlantic Equities, said Wednesday that iPhone growth has “little upside room for the next few years” and that “the expected March quarter will be an underwhelming result.” We downgraded Apple from Buy to Neutral on the grounds that it will not become a reality.
Apple announced Thursday that former Vice President Al Gore, who has served on the company’s board since 2003, will retire from the company’s board next month.
Meanwhile, Microsoft received a vote of confidence Thursday after discussing its artificial intelligence capabilities with developers at an event in San Francisco. Piper Sandler analysts told clients in a note that they were “encouraged by the momentum around our most mature AI products,” noting that GitHub’s website traffic has accelerated year-over-year for the third consecutive month. Ta. Analysts give Microsoft stock the equivalent of a “buy” rating.
Apple has been the most valuable publicly traded company for more than a year, after brief periods when Saudi Aramco and Microsoft held that honor.
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