Cliff Owen/AP
Amazon CEO Jeff Bezos.
- Amazon claimed the title of the world's most valuable public company on Monday, with a market cap of $793 billion.
- The move ended Microsoft's reign in the top spot, which last a mere five weeks.
- Microsoft displaced Apple at the end of November to become the world's most valuable public company.
- The tech giants market valuations are not very far apart and they are likely to trade places on and off again in the coming weeks and months.
Amazon has stolen Microsoft's crown as the world's most valuable company.
On Tuesday, the Seattle-based online
The change marks the latest shake-up for the top spot, which until recently was occupied for years by the iPhone maker Apple, and underscores the shifting competitive landscape in the tech industry.
Microsoft soared passed Appled in November, but its reign at the top lasted just more than a month. The close valuations of the tech giants means they are likely to trade places on and off again in the coming months.
Amazon's fortunes have soared as the company has transformed itself from an online sales powerhouse to a maker of electronic gadgets, a purveyor of streaming video, and a "cloud" infrastructure provider that powers some of the world's most popular services.
Apple has come upon tough times as market saturation slows sales of smartphones, a phenomenon that appears to be taking a particularly big toll on the company's premium-priced iPhones. Apple shocked Wall Street last week when it warned that its quarterly revenue would come in at least $5 billion below its expectations.
A business turnaround at Microsoft, led by CEO Satya Nadella, has rekindled growth at the software company, raising investor confidence and boosting Microsoft's share price. But even as Microsoft's fortunes have rebounded, Amazon has steamed ahead.
Get the latest Microsoft stock price here.