Amazon just became the most valuable public company in the U.S. taking Microsoft’s place.
Amazon stole Microsoft’s spot as the most valuable publicly traded U.S. company Monday morning with a market capitalization of $790 billion versus its competitor’s $785 billion, CNBC reports.
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.
Adding insult to injury, this shift in rankings came the same day that Microsoft announced a new partnership with Kroger to create futuristic, digitally savvy grocery stores. This is a direct challenge to Amazon, which acquired Whole Foods in 2017 and has been rolling out brick-and-mortar, cashierless retail stores across the country.
In recent months, Microsoft, Apple, and Amazon have been battling to be the world’s most valuable public company after years of dominance by Apple. November marked the first time that Microsoft had surpassed Apple in eight years amid concerns by investors about Apple’s growth.
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.
Amazon has recently come off great holiday sales, but can it stay on top? Only time will tell.