Amazon’s market value rose to $702.5 billion on Wednesday, surpassing Microsoft for the first time, which was valued at $699.2 billion that day, reports CNBC.
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Ahead of Amazon are Apple and Alphabet, the two most valuable companies in the world. Amazon ranks fourth, followed by China’s Tencent and Facebook.
All companies in the top six by market capitalization come from the tech industry. On Wednesday, Amazon’s stock price increased by 2.6 percent to $1,451, while Microsoft’s stock rose by 1.6 percent to $90.81.
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However, Microsoft’s shares have increased by a total of 41 percent over the past 12 months.
Although these two companies are leaders in different sectors, both are now competing for dominance in cloud infrastructure, where Amazon’s early lead has caused significant excitement on Wall Street.
