A steep decline in the iPhone maker's share price over the past several weeks briefly took its market valuation slightly below fellow technology bellwether Microsoft Corp.'s on Monday for the first time in more than eight years.
Putting Apple's reign in jeopardy, Microsoft successfully surpassed it to grab the top spot of most valuable company, but only for a short time period.
Microsoft's market cap value temporarily grew past that of Apple's yesterday, making the tech giant from Redmond the most valuable company in the world. You may also recall that earlier this year we told you that Apple, the biggest tech stock of them all, topped a $1tn valuation, on its own for the first time.
As per Business Insider, the move was a surprising one as less than two months ago Microsoft's market value reached at $887 billion, whereas Apple's reached a peak above $1.12 trillion, marking itself as the first U.S. company with a $1 trillion valuation, but soon lost the status.
Microsoft shares rose more than 3 percent as US markets and large cap tech stocks shook off recent losses. Apple's shares quickly tumbled as many of its suppliers chose to cut their forecasts because of an evident drop in overall smartphone demand.
Yet now, that very product is among the the challenges facing Apple, with concerns over weak iPhone demand pressuring shares to fall more than 25 per cent from record levels. Last month, however, Apple's stock tumbled on a disappointing outlook for the holiday season this quarter.
According to Rich Ross, a technical analyst at Evercore ISI, Apple's stock "has another 18 per cent downside", which could take the stock to $140, its 200-week moving average.