Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Microsoft Corp dethroned long-time leader Apple.
Amazon rose by 4.7% at one point, placing its market capitalization at $865.0 billion (roughly Rs. 61 lakh crores). At precisely the exact same time, Apple traded up 2.1 percentage, giving it a market capitalization of $864.8 billion (around Rs. 60.99 lakh crores).
Amazon’s lead lasted only a few seconds. At the close, Apple was back in addition to a 3.49 percent boost in its inventory that put its total value at $877 billion. It was followed closely by Amazon, up 4.86 percent using a market capitalization of $866.6 billion, and then Microsoft, up 1.08 percent and a stock exchange value of $860.4 billion.
The tight race between the trio of high-tech stocks coincided with a wide stock exchange rally following the United States and China agreed on a temporary truce in their ongoing trade dispute.
Apple in August became the primary U.S. publicly listed company to reach a $1 trillion market capitalization, but its share price has fallen sharply in recent months as investors feared the demand for iPhones was losing steam.
Its market capitalization overtook Microsoft’s in 2010 as Microsoft fought with slow demand for personal computers, thanks in part to the explosion of smartphones like the iPhone.
Amazon’s stock has regained the majority of the ground it lost after the online retailer in October forecast disappointing sales for the holiday quarter.
Even though it’s down about 13 percent from its Sept. 4 record-high close, in the year thus far Amazon’s stock is up 51 percent, compared with a 31% increase for Microsoft and Apple’s 9 percent increase.