Hedge Funds Win With Microsoft's Rise After They Sold Apple
- Bill Gates’ software company poised to top Apple in value
- Fund managers drawn to stable businesses with profits in doubt
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One group rooting for Microsoft Corp. to overtake Apple Inc. is hedge fund managers, who made Bill Gates’ software company their favorite pick last quarter while dumping the iPhone maker.
It happened for a second day Tuesday, with Microsoft’s 0.4 percent gain pushing its market capitalization to $826 billion as of 11:30 a.m in New York, surpassing Apple as the world’s biggest public company. The software maker is up 25 percent in 2018, extending a quiet resurgence by a legacy tech firm that has rallied sevenfold since 2009.