A steep decline in the iPhone maker's share price has left its market capitalization roughly the same as fellow technology bellwether Microsoft for the first time in more than eight years.
Apple's market capitalization is now roughly $829 billion, while Microsoft closed with a valuation of about $817 billion.
Instead, it's likely that Apple's recent struggles with low demand for its latest iPhones are what caused the company's stock - and thus, its market cap - to slide.
Snubbed by Trump, Putin charms other players at G20
The G20 members contribute about 80 percent to the global trade and their combined GDP makes up 86 percent of the world's total. Mnuchin has consistently urged his counterparts to reinforce global "exchange rate stability".
According to Bloomberg, Apple's market cap fell to $812 billion during intraday trading Monday, while Microsoft's rose to $819 billion. In August, Apple became the first U.S. company with a $1 trillion valuation.
It isnt to say that Microsoft hasnt faced any challenges lately, but Apple has been just been barely able to get by with investors.
Analysts have identified the cloud business, which has grown exponentially under Nadella, as one of the main reasons it has caught up so convincingly, coupled with the feeling that Apple is treading water with new devices seeming to drive up profit margins without actually doing much new or revolutionary.
At the same time, Apple saw its market cap skyrocket higher and higher as the iPhone took over the world. On the other hand, Microsoft shares also slipped by 0.23 percent, bringing the value of the tech giant to the same as Apple. When he took over in 2014, the executive said he wanted to focus on subscription-based business and the cloud. While MSFT began to see a pick up in market cap again in the early 2010s, it couldn't keep up with Apple.