Tech giant Apple saw its shares dip 1.8% on Friday sending Microsoft to the top as most valued company in the world, as shares rose 2.2 percent to a record high of $331.62 (roughly Rs. 24,800), ending the session with a market capitalization of $2.49 trillion compared to Apples $149.80 per share and market capitalization of $2.48 trillion.
The hit to Apple has been described as a side-effect of suply-chain shortages which CEO Tim Cook says will become more evident in the coming holiday season. Unlike it's software-focused FAANG counterparts, Apple was more dependent on hardware and so more vulnerable, he said. Meanwhile Microsoft's stock surged 49%, against Apple's 13%, this year as the pandemic has increased demand for cloud-based software computing services.
Apple, which has repurchased $421.7 billion worth of shares over the years, had announced a massive $90 billion share buyback in April. As a result, the outstanding stock pool keeps shrinking, and the company ended its fiscal fourth quarter with 16.4 billion shares.