Microsoft battles with Apple to be world's most valuable company

The news: Microsoft temporarily overtook Apple as the world's most valuable company on Thursday for the first time since 2021, Reuters reported.

The numbers: Microsoft's shares have been boosted in recent months, helped by its investment in artificial intelligence startup OpenAI. They were up 0.7% on Thursday, valuing Microsoft at USD2.865 trillion ($4.28 trillion). The tech giant was briefly worth USD2.903 trillion, with stock rising up to 2% earlier in the session. Meanwhile, Apple shares were 0.9% lower, giving the company a market capitalisation of USD2.871 trillion.

The context: Microsoft's incorporation of OpenAI's technology has invigorated its cloud-computing business in the July-September quarter, while Apple has made a weak start to the year in the face of weakening demand for its products. In particular, demand in China has slumped as the country's economy makes a slow recovery from the pandemic and rival Huawei grows its market share.