For a few minutes on Monday, Microsoft beat Apple to become the publicly traded company.
Apple became the first US company to surpass a market cap of $1 trillion last August. While Microsoft dominated Apple during the 80s and 90s, Steve Jobs finally one-upped Bill Gates with the release of the iPod and then the iPhone in the mid-2000s. Apple was even lauded for being the first US company to have a $1 trillion valuation just this past August.
Apple has slid amid growing concerns the company is seeing weak demand for iPhones, by far its biggest product line. Shares of Apple rose 0.9 percent, erasing an earlier decline, while Microsoft climbed 3.2 percent. Even though Microsoft isn't immune to struggles in the technology sector, it still held up much better than Apple since it only fell 9 percent compared to Apple's 25 percent, as pointed out by Bloomberg.
There could be more pain ahead for the stock, which could dethrone it from the number-one spot in a more decisive fashion.More news: Braves sign former Blue Jay Josh Donaldson to one-year contract
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Microsoft shares rose more than 3 percent as USA markets and large cap tech stocks shook off recent losses.
Microsoft challenged Apple's title as the most valuable USA company on Monday, as the iPhone maker weathered a slump that drove the tech giant into a recent bear market over concerns related to smartphone sales in the critical holiday season.
According to Rich Ross, a technical analyst at Evercore ISI, Apple's stock "has another 18 percent downside", which could take the stock to $140.
For years, Apple has ruled as the USA stock with the largest market cap.