Microsoft retained its title as the most valuable publicly traded U.S. company on Monday despite a surge in Apple shares that briefly saw the iPhone maker overtake its tech rival during the trading session.
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Microsoft closed with a market capitalization of $811.3 billion after shares rose nearly 3 percent in trading on Monday, according to FactSet data. Apple finished the day in second place with a valuation of $807.5 billion.
Apple shares are up more than 10 percent since last week, when the company reported first-quarter results that were stronger than Wall Street expected. The company has been under pressure in recent months after it warned that revenue would fall short of projections amid slowing demand for iPhones and economic factors in emerging markets, especially China. Apple briefly overtook Microsoft before giving back the lead.
E-commerce giant Amazon closed as Wall Street’s third-most valuable company, with a market cap of $802.3 billion. Shares have fallen in recent days after Amazon provided soft first-quarter revenue guidance, even as the company reported more than $200 billion in revenue in fiscal 2018.
Google parent Alphabet, which reported earnings on Monday, ranked fourth with a valuation of $790.8 billion. Warren Buffett’s Berkshire Hathaway rounded out the top five with a $512.9 billion valuation for its Class B stock.
Microsoft, Apple and Amazon have battled for the top spot in recent months amid overall pressure on tech stocks. U.S. equities markets were up slightly in trading Monday.