Due to a dip in Apple’s stocks as a result of US president Donald Trump’s statements regarding the Cupertino giant, Microsoft briefly overtook Apple to become the most valuable company in the world.
The dip in Apple stock came after Donald Trump hinted towards placing more tariffs on Apple products such as iPhones and iPads which are being manufactured in China. After this statement, Apple shares fell more than 1.7 percent, shaving off billions of dollars off of Apple’s market value to bring it down to $814 billion. On the other hand, Microsoft shares also slipped by 0.23 percent, bringing the value of the tech giant to the same as Apple. However, for a brief moment on Monday, Microsoft surpassed Apple to become the most valuable company in the world.
Back in August, Apple became the first company to hit a trillion dollar evaluation, but ever since achieving that landmark, Apple’s stock prices have seen a gradual decline, ultimately losing the coveted trillion dollar valuation and also losing the top spot to Microsoft briefly.
Apple isn’t the only one seeing a notable drop in share prices for the last few months. Due to rising interest rates and United States’ trade war with China, all major US companies have been finding it hard to gain investor confidence. This situation is expected to get worse for Apple as Donald Trump specifically hinted at placing tariffs over Apple products being manufactured in China. Market experts speculate that Apple share prices could significantly fall after news of more tariffs and reports suggesting that Apple’s latest iPhone isn’t selling according to expectations.