Apple and Microsoft shares rose on Tuesday, Oct. 28, allowing the market capitalization of both tech giants to simultaneously exceed $4 trillion for the first time. The milestone underscores the dominance of big tech companies in the stock market, although Nvidia remains the leader in value. This is reported by CNBC.
For Apple, reaching $4 trillion was a first in history. The company’s shares have risen rapidly in recent weeks on data indicating better-than-expected sales of the new iPhone 17 models released in September.
Microsoft already reached the $4 trillion mark in July of this year. This time, the shares rose about 3% on news of the finalization of a deal to acquire a 27% stake in OpenAI’s commercial division, the developer of ChatGPT. Microsoft has supported OpenAI since 2019.
Despite their impressive achievements, both companies are still behind Nvidia, which remains the world’s most valuable company with a market capitalization of over $4.6 trillion.