Microsoft concluded the U.S. trading session on Friday as the most valuable publicly traded company, surpassing Apple. With Microsoft shares rising over 3% during the week, the company’s market value reached $2.89 trillion, while Apple experienced a more than 3% decline in its shares, lowering its value to $2.87 trillion.
James Cordwell, an analyst at Redburn Atlantic Equities, downgraded Apple’s rating from buy to neutral last Wednesday, expressing the view that there is limited room for upside in iPhone sales growth over the next few years.
In another development, Apple announced that former Vice President Al Gore would retire from the company’s board of directors next month. Gore has been a director at Apple since 2003.
For over a year, Apple maintained its position as the most valuable public company, with brief periods where Saudi Aramco and Microsoft briefly held the top spot.
