Apple and Microsoft are most valuable companies in the world

• Apple and Microsoft are the world’s most valuable companies.
• Apple became the first company to reach a market value of $3 trillion.
• Microsoft’s market cap stood at $2.49 trillion by the end of July.

Apple and Microsoft have maintained their positions as the world’s most valuable companies, according to a report by Reuters. Apple achieved a significant milestone by becoming the first company globally to reach a market value of $3 trillion last month.

This achievement was driven by its plans for expansion into new markets and expectations of moderate US interest rate hikes. In the tech sector, strong quarterly earnings from companies like Alphabet, Meta Platforms, Intel, and Lam Research contributed to positive market sentiment.

Meta Platforms, the owner of Facebook, experienced a notable market cap increase of over 10% in July. This growth was attributed to a positive revenue forecast and robust ad revenue growth in the second quarter.

Similarly, Microsoft exceeded Wall Street estimates for its fourth-quarter revenue, largely due to the growth of its cloud computing and office software divisions. However, Microsoft’s share price saw a 1.4% decrease in July as it outlined an ambitious spending plan to meet the demand for artificial intelligence services. Microsoft’s market cap stood at $2.49 trillion by the end of July.

Apple is set to announce its earnings for the April–June quarter soon. Analysts believe that a new tech bull market has begun this year, particularly driven by the AI Gold Rush, which is seen as a pivotal moment comparable to the early days of the Internet. Additionally, JP Morgan Chase’s market cap saw growth of about 8.6% in July as the largest US lender benefited from higher interest payments and the acquisition of First Republic Bank.

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Data from Refinitiv indicates that around 69% of large- and mid-cap US companies have exceeded analysts’ Q2 earnings estimates so far. Notably, the tech sector accounted for 82% of these positive earnings surprises.

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