Amazon stock climbed 2.6 percent Wednesday, giving the company a market value of $702.5 billion and topping Microsoft’s market cap for the first time. The online retailer now trails only Apple and Google’s parent, Alphabet, as the most valuable companies in the world.
In Amazon’s latest conquest, the company has toppled Microsoft to become the third most valuable company in the world.
The online retailer’s stock closed up $36.54 a share, or 2.6 percent, at $1,451.05 on Wednesday, giving the company a market capitalization of $702.5 billion, enough to top its Seattle-area neighbor for the first time.
Microsoft’s market value stood at $699.2 billion, after its shares rose $1.40, or 1.6 percent, to $90.81 Wednesday.
The 5 most valuable public companies in the world
(market cap in billions)
Source: Yahoo Finance
Combined, all other public companies based in Washington state have a market capitalization of only about $400 billion.
Chicago-based Boeing has a market value of $205 billion.
Amazon trails only Apple, worth $849.2 billion, and Google parent Alphabet, at $746.4 billion, among publicly traded companies as of Wednesday’s close.
Amazon has nearly quadrupled in value over the last three years, a surge that made founder and Chief Executive Jeff Bezos the world’s richest man, displacing his Medina neighbor, Microsoft co-founder Bill Gates.
The gains came as investors bet that the company would continue its track record of grabbing an ever larger share of commerce. Amazon’s revenue has grown by at least 19 percent each year for the last decade, a record unmatched among companies with sales of more than $1 billion.
It took Amazon 21 years to close the gap between an upstart online bookseller and one of the world’s dominant high-tech firms….