Forces Bill Gates out of retirement.
We kid, of course, no Bill Gates is not coming out of retirement. But it just might be the right time to because of Wednesday, Apple surpassed Microsoft to become the world’s most valuable technology company based on market capitalization.
At the end of yesterday’s trading, Apple’s market value stood at around $222 billion while Microsoft suffered a loss and was pegged down to the second spot at $219 billion. Apple’s shares closed down 0.4 per cent at $244.11, while Microsoft fell 4 per cent to a seven-month low of $25.01.
“Apple is now worth more than Microsoft. It may be different tomorrow but I thought it was worth a moment of reflection today,” tweeted Apple CEO Steve Jobs
In response, Steve ‘Developers!’ Ballmer said the company has good competitors but was sure Microsoft will make more profit.
“I will make more profit and certainly there is no technology company on the planet that is as profitable as we are,” Ballmer told reporters in India recently.
To put this whole thing into a perspective somewhat, Apple nearly went out of business in 1990s and had to resort to an investment of $150 million by none other than Microsoft in 1997 to keep things floating. A little more then ten years after, Apple has managed to surpass Microsoft, with all its 90 per cent market share for Windows, Xbox division, hardware, Hotmail and myriad of other businesses, is nothing short of awe inspiring, and with only what?, an iPhone, iPod, iPad, iTunes and Macbook?