Washington based Microsoft has officially entered the most elite of clubs: corporations with a market value exceeding $2 trillion. The tech giant is only the second publicly traded American company, behind Apple, to reach such a valuation.Oil company Saudi Aramco, which went public in 2019, has also previously passed that mark, though its Market Cap on Tuesday was $1.88 trillion.
The market capitalization of Washington based Microsoft topped $2 trillion during trading on Tuesday, and closed just $300 million shy of that mark. Its stock on Tuesday climbed 1.1% to $265.51.The company reached the $2 trillion milestones just over two years after it first passed the $1 trillion Market Cap mark.Covid-19 helped get it there. The pandemic meant people were spending more time on their devices, boosting demand for Microsoft computers, gaming systems and cloud computing platform. And a stock market rally along with the success of tech companies in particular lifted its shares.
Apple’s market value passed $2 trillion last August, and it currently stands at $2.24 trillion. Now, the company has joined its ranks, with two other Big Tech firms, Amazon (AMZN) and Google (GOOGL GOOGLE), nipping at their heels. Amazon’s Market Cap hit $1.77 trillion on Tuesday, and Google parent Alphabet’s reached $1.67 trillion.