Microsoft hits a $2 trillion market valuation for the first time, second only to Apple
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Microsoft crossed the $2 trillion market-valuation threshold on Tuesday, second only to fellow tech giant Apple in hitting that milestone.
The software maker's shares gained 1.2% on New York's Nasdaq on Tuesday, briefly reaching the multitrillion-dollar valuation. The stock closed slightly shy of that level at $265.51 per share, for a $1.96 trillion market cap. Apple's market valuation stands at $2.24 trillion.
Saudi Aramco, which went public in a record-shattering IPO in 2019, has in the past notched a $2 trillion valuation on Saudi Arabia's Tadawul exchange. But the oil titan's market cap stood at $1.88 trillion on Tuesday.
Microsoft's shares have gained 19% so far this year, outperforming tech peers Apple and Amazon. The Redmond, Washington-based company is best known for its enterprise computing software, and it is expected to announce an update to its Windows operating system this week. But the stock price rise is seen as spurred by investors betting that its lead in cloud computing places it center stage for coming global growth.
