Amazon becomes most valuable company, moving past Microsoft

Jeff Bezos

Jeff Bezos

For the first time, Amazon is the most valuable publicly traded USA company after surpassing fellow tech giant Microsoft in a mixed trading session on Monday. Beyond Microsoft and Amazon, Google and Apple still remain in close competition with market caps of $745 billion and $701 billion, respectively.

Shares of the e-commerce company rose 3.4 percent, a rally that gave it a market capitalization of $797 billion. Shares of Microsoft, which claimed the title of the world's most valuable stock in November, rose 0.1 per cent on Monday.

Such megacap technology and Internet stocks have been jockeying for the top spot for weeks, and Amazon briefly claimed the crown in early December. Taking over Microsoft's position is Amazon, which ended Monday with a market cap of $796 billion compared to Microsoft's $783 billion cap (via Business Insider).

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Apple confirmed some of investors' worst fears last week when it warned that disappointing demand for iPhones, especially in China, caused its revenue for its most recent quarter to fall well below the projections of its management and industry analysts. Apple was worth even more back then, but its stock has plunged by 37 per cent since early October to erase about $400 billion of its market value.

Apple now stands as the fourth-largest USA stock. In third place is Alphabet Inc.

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