Chart of the Day - Thursday, March 14, 2024

🏆 Today’s Chart of the Day was shared by Sam Gatlin (@sam_gatlin).

• $MSFT broke out to an all-time high today, while $AAPL remains in a corrective phase -12.7% from its December peak (absolute basis).

• $AAPL dominated $MSFT for over a decade after the dot-com bubble, but its relative performance peaked in 2012, and it's been a fair fight ever since. Sam points out that $MSFT is slowly emerging as the winner.

• The ratio ($MSFT/$AAPL) closed at a four-year high today after carving out a potential multi-year bottom.

The takeaway: $MSFT has already surpassed $AAPL as the largest stock in the S&P 500, but its leadership could become even more pronounced if this ratio clears its 2019 peak.