On Tuesday, October 28, both Apple and Microsoft saw their stock prices rise, with both companies’ market values surpassing $4 trillion, but still trailing behind Nvidia.
Nvidia remains the world’s most valuable company, exceeding $4.6 trillion. Apple’s market value surpassed $4 trillion for the first time, while Microsoft had previously achieved this milestone in July.
On Tuesday, Microsoft’s stock price rose by about 3% following news that the company would ultimately acquire a 27% stake in OpenAI’s profitable business segment. The company has been supporting this ChatGPT manufacturer since 2019.
Apple’s stock price has surged in recent weeks, attributed to the strong sales performance of the iPhone 17 series released in September compared to its predecessors.
Data from research firm Counterpoint had shown that the early sales performance of the iPhone 17 series in China and the United States outperformed the previous generation products. In the first 10 days after the new iPhones were launched in these two countries, sales were 14% higher compared to last year’s iPhone 16 series.
Earlier this year, Apple’s stock price had been under pressure due to concerns over the outlook in the Chinese market and uncertainties around how Apple would address high U.S. tariffs. However, since early August, the company pledged an additional $100 billion investment in the U.S., which may help it mitigate potential tariffs, leading to a slight increase in its stock price thereafter.
In the past 12 trading days, Apple’s stock price has risen on 11 of those days.
Apple is set to announce its fourth-quarter financial report on Thursday, while Microsoft will release its financial report on Wednesday.
(Reference: CNBC report)