The retail giant has come a long was in just half the time of Microsoft.
Shares of Amazon rose 2.57% Wednesday, sending its market value higher than Microsoft for the first time. The e-commerce behemoth is now the third-largest company in the US, behind only Apple ($849.24 billion) and Google parent Alphabet ($744.73 billion), according to Markets Insider data.
Amazon shares closed Wednesday's session at $1,451, resulting in a market cap of $$602.46 billion — 2.7% larger than Microsoft’s $700.56 billion.
Shares of the 23-year-old Amazon have far outpaced those of the 43-year-old Microsoft in the past year, rising 72% compared with 41%. The rise has made CEO Jeff Bezos the world’s richest person, a title he stole from Microsoft cofounder Bill Gates.
If Amazon continues to rise as high as Wall Street’s average price target — $1,655 according to analysts polled by Bloomberg — it could easily pass Alphabet in terms of market cap.