The crown for the most valued company on earth has moved from Apples’ head. It now settles comfortably on Microsoft’s.

The new reality emerged after Microsoft Corp’s stock market value closed above Apple Inc’s for the first time in eight years on Friday.

This is a result of the Windows maker benefiting from growth in cloud computing while Apple was hit by investor concern about iPhone demand.

Shares of Microsoft rose 0.6% to end the week at $110.89, putting its market capitalisation at $851.2 billion. Apple shares fell 0.5% to $178.58 on the day, adding up to a market value of $847.4 billion.

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The two stocks jostled for the top spot over the course of the week, with Microsoft’s stock market value exceeding Apple’s at several points in intra-day trading but not at the close.

Both companies’ market capitalisations were calculated using outstanding shares reported in their most recent 10-Q filings.

Apple’s market capitalisation overtook Microsoft’s in 2010 as Microsoft struggled with slow demand for personal computers, due in part to the explosion of smartphones like the iPhone.

After Satya Nadella took over as chief executive in 2014, Microsoft reduced its reliance on Windows software for PCs and became a major player in cloud computing, second only to Amazon.com Inc.

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