- Amazon briefly surpassed Apple as the world’s most-valuable publicly traded company.
- It passed Apple on Monday with a market value of about $865 billion.
- Watch Amazon and Apple trade live.
Amazon rose as much as 4.7%, giving it a market capitalization of $865 billion ahead of Apple’s $864.8 billion valuation. Apple reclaimed its crown with a market value $846.4 billion — after Amazon’s market cap dropped to $827.1 billion as of 3:00 p.m. ET.
Microsoft, whose market capitalization last Monday surpassed Apple’s for the first time in eight years, had a market value of $844.9 billion.
But things changed in October, when the stock market witnessed one of its worst months since the financial crisis and the tech-heavy Nasdaq Composite shed more than 12%.
Apple’s stock has been under pressure recently, down more than 20% from its October peak, amid signs of waning iPhone demand. The smartphone giant on November 1 reported underwhelming iPhone sales and said its holiday sales would be disappointing. Additionally, several suppliers have cut their forecasts, citing a drop in smartphone demand.
Meanwhile, Amazon tanked as tumbled nearly 16% after the retail giant on October 25 forecast disappointing sales for the fourth quarter. The stock since recovered more than half of its losses.
Source: Business insider