Microsoft is top-tech giant after Apple’s fall

Apple’s shares were down 3.6 per cent at $147, implying a market capitalisation of $2.41trillion.

Meanwhile, the Windows software maker’s shares were up 0.7 per cent at $326.8 – giving a market valuation of $2.46trillion.

Apple has been hit by global supply chain issues – problems which blew a massive £4.4billion hole in sales in the last three month.

Apple boss Tim Cook said the impact would be even worse in the remainder of the year. The update spooked investors, triggering a sell-off of its shares.

Sophie Lund-Yates, equity analyst at broker Hargreaves Lansdown, said Apple was “a lot more exposed to supply chain disruption” than the likes of Microsoft.

By late yesterday, UK time, Apple’s shares were down around 2.6 per cent, wiping more than £60billion off its stock market value.

Microsoft’s shares, meanwhile, were trading at a record high.

Microsoft’s stock has surged more than 45 per cent this year, with pandemic-induced demand for its cloudbased services driving sales.

Shares of Apple have climbed 15 per cent overall this year, despite the recent drop.

Apple’s stock market value overtook Microsoft’s in 2010 as the iPhone made it the world’s premier consumer technology company.

The companies have taken turns asWall Street’s most valuable business in recent years, with Apple holding the title since mid-2020.