Microsoft Surpasses Apple As The World’s Most Valuable Stock

It’s been a busy 24 hours for the FAAMGs which incidentally are no longer to be called FAAMGs now that Facebook is changing its name to Meta, which means that with the letters Google, Apple, Microsoft, Meta and Amazon, the new and far more suitable acronym is GAMMA, as in gamma squeeze to all time highs as SoftBank did last August and as Archegos tried (and failed) in March. Of course, all that assume Meta is still in the top 5: after all Tesla is now bigger than Facebook, although its presence in the top 5 depends on the continued gamma squeeze which could reverse at any moment. In any case, just more acronym confusion.

But there was another notable change: with Microsoft gaining as much as 0.9% at Friday’s open, it has surpassed Apple as the most valuable US (and really global) stock as its market capitalization rose to a record $2.453 trillion. This is because Apple fell as much as 3.9% to $146.65 at the open, giving it a market value of about $2.42 trillion following first revenue miss since 2017, while warning that a supply crunch would cut sales by $6 billion.

Meanwhile, Microsoft has been climbing for four straight days as the company’s cloud-based software helped drive robust sales and profit growth, which topped analysts’ estimates for an 11th straight quarter.