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Apple’s 2024 Slump Puts Most-Valuable Stock Title at Risk

Apple’s 2024 Slump Puts Most-Valuable Stock Title at Risk
Apple signage on floor of the New York Stock Exchange in New York, US, on Tuesday, 2 January 2023.

Apple Inc. is off to its weakest start to a year since 2019, putting its long-standing status as the world’s most valuable stock by market value in jeopardy

The Cupertino, California-based company has been the most valuable publicly-listed company since July 2022, but the stock has fallen sharply this year after the technology giant was hit by two ratings downgrades, with analysts flagging weak macro environment in China pressuring demand for iPhones. That has shrunk its lead over fellow technology juggernaut Microsoft Corp. — whose shares have seen a less pronounced decline to begin the year — to less than $100 billion.

Apple's Market Cap Threatens to Dip Below That of Microsoft | Battle for the title of the world's most valuable company heats up

Apple shares are up as much as 0.4% Friday morning in New York, snapping a four-day streak of losses. Still, the company has seen $164 billion in market value erased so far this year, according to data compiled by Bloomberg. While the stock has suffered bigger percentage declines in the first week of January, the losses are the biggest market value destruction at the start of any year on record.

Apple's Market Cap Takes It's Biggest Hit Ever to Start Year |

The losses have pushed Apple’s market value down to about $2.84 trillion, nearing Microsoft’s $2.75 trillion. Shares of Microsoft are up as much as 0.7% Friday.

The Windows software maker has benefitted from the artificial intelligence trade that has mesmerized Wall Street over the past year. The software maker is OpenAI’s largest shareholder and has invested about $13 billion into the ChatGPT parent.

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