Amazon has taken the lead once again and surpassed Microsoft as the largest company by market value on Monday with a value of $797bn, while Microsoft ended the day on $784bn.
Monday's trading saw Amazon's stock rise about 3.5%, closing at $1,629.51 per share and Microsoft's finished at 0.1%, closing at $102.06 per share.
The value of the two companies at the closing of trade is the latest development in the fierce race going on since December 2018 between Apple, Amazon and Microsoft. The feud has seen the three companies fight over the title of the world's most valuable company.
In September 2018 Amazon became the second publicly traded company, just behind Apple, to reach a market value of $1 trillion but then in October 2018 lost $250bn. However, despite its struggles last year, it briefly held the market value crown in December.
The volatile stock market is due to recent instability in the FAANG stocks – the term used to describe Facebook, Amazon, Apple, Netflix and Alphabet – with the constant state of flux leading to a collective loss of billions from their market value.
Apple is now valued at $702bn following the news of its declining sales in iPhones as its quarterly revenue was forecast to $84bn from an original estimation of $93bn. While Google's parent company Alphabet overtook Apple with a market value estimation of $748bn during Monday's trading.