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Amazon (AMZN) surpassed Microsoft (MSFT) in market value for the first time ever on Wednesday, after its shares added 2.6% to close at a record high of $1,451.05, which lifted its market capitalization to $702.46 billion.
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Meanwhile, Microsoft added 1.6% during Wednesday’s session to close with a market capitalization of $699.22 billion.
While Amazon surpassed Microsoft in value during trading on Feb. 7, it gave up its lead by the close of trading.
Amazon’s shares have been on a steep rally since September, and they got another boost following the company’s fourth-quarter earnings report, which showed the company benefited from the record holiday shopping season. The company earned $3.75 per share, up sharply from the $1.54 per share it earned in the year-earlier quarter.