Apple can no longer claim to be the biggest U.S. company by market capitalization, Barron’s reports.
Microsoft now has a market cap of $3.19 trillion, according to Dow Jones Market Data, surpassing Apple’s $3.16 trillion. Nivida is third runner-up, with a valuation of $2.76 billion.
Microsoft shares soared Thursday after its financial results beat Wall Street estimates and it provided a strong outlook for AI-driven cloud growth. Year-to-date, Microsoft is up 1.9%, and as of early afternoon trading on Thursday, the stock (MSFT) was up 8.48%.
Year-to-date, Apple (AAPL) shares have declined by 15%, while its market cap has fallen by $609 billion. Wall Street analysts are worried about how the tariffs will impact the sale of Apple iPhones and tablets, which are primarily manufactured in China.
The drop in Apple’s market valuation is the largest of any company at the start of a year, according to Dow Jones Market Data.