International Business Machines Corp passed Microsoft Corp to become the world’s second-most valuable technology company, a reflection of industry changes including the shift away from the personal computer.
IBM’s market value rose to $214 billion today, while Microsoft’s fell to $213.2 billion, the first time IBM has exceeded its software rival based on closing prices since 1996, according toBloomberg data. IBM is now the fourth-largest company by market value and, in technology, trails only Apple Inc, the world’s most valuable company.
IBM, based in Armonk, New York, has gained 22 per cent this year, while Microsoft, based in Redmond, Washington, has dropped 8.8 per cent. IBM rose $1.62 to $179.17 at 4 pm in New York Stock Exchange composite trading, and Microsoft fell 13 cents to $25.45 in Nasdaq Stock Market trading.
Congratulations to one and all at IBM.
Now to go after Apple? (Apple’s market capitalization is currently $362.1 billion!)