For the first time in over two years, Apple is no longer the world's most valuable public company. On Friday, Microsoft narrowly surpassed Apple and can now claim that title.

According to data compiled by Bloomberg, Microsoft closed the day on Friday with a $2.89 trillion market capitalization. Apple, meanwhile, closed the day at a measly $2.87 trillion market value.

Apple first took the crown of the world's most valuable public company in 2011, dethroning Exxon Mobil. It has held the title for the majority of the last decade. This marks the first time since October 2021 that Microsoft has closed with a higher market capitalization than Apple.

Apple stock has gotten off to a slow start in 2024, with multiple analysts expressing concerns about slowing smartphone demand. So far in 2024, Microsoft stock has risen 3.3%, while Apple has dropped by 3.4%.

Apple is set to report its Q1 2024 on February 1, covering the holiday shopping season. The earnings release comes one day before Apple Vision Pro is set to be released in the United States.

Source: 9to5mac