Apple has managed to (mostly) retain its position as the world's most valuable company for quite a while now.
Microsoft's market cap value temporarily grew past that of Apple's yesterday, making the tech giant from Redmond the most valuable company in the world.
A steep decline in the iPhone maker's share price over the past several weeks briefly took its market valuation slightly below fellow technology bellwether Microsoft Corp.'s on Monday for the first time in more than eight years.
Apple's market cap hovered around $823.66 billion as of 3:15 p.m.in NY, while Microsoft's stood at $823.90 billion, although the two spent much of Monday afternoon jockeying for the top seat in intraday action.
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Shares of Apple fell 0.7% on Monday, while Microsoft rose as 2.1%. In late-afternoon trading, Apple's value was $822.9 billion, about $7 billion above Microsoft's.
But a lot has happened since then, as the stock market suffered through its so-called Red October, one of its worst months since the financial crisis, with the tech-heavy Nasdaq Composite shedding more than 12%.
Apple's valuation has been in a freefall since passing the $1-trillion mark in August, and shares have fallen 22 percent after the issuance of relatively weak first-quarter guidance and despite Cupertino's Q4 earnings beat.
While Apple analysts see it transitioning to a business model based more on services than unit sales, there could be more pain ahead for the stock, which could dethrone it from the number-one spot in a more decisive fashion.
Based on Apple's Friday close, an 18 per cent drop would give it a market cap of about US$670 billion.