International Business Machines has beaten Microsoft to become the second most valuable tech company in the world.
After more than 15 years, IBM, on Thursday became the second most valuable company in the world, surging past Windows marker Microsoft. Apple continues to be the most valuable tech firm, based on market capitalisation.
IBM had a market valuation of $214 billion by Thursday, beating Microsoft’s $213.2 billion valuation. This is the first time since 1996 that IBM has beaten Microsoft in terms of market value, Bloomberg reports.
After Thursday, IBM has become the fourth most valuable company in the world and second most valuable in the technology category.
"IBM went beyond technology. They were early to recognize that computing was moving way beyond these boxes on our desks", notes Forrester Research.
Since the beginning of the year, IBM’s share price has surged by 22 percent while Microsoft’s has declined by 8 percent.
Meanwhile, Apple continues to be the world’s most valuable tech firm with a market valuation of $362.1 billion. Its growth has been credited to the massive popular enjoyed by its Mac, iPod, iPhone and iPad products.