Amazon now more valuable than Microsoft

Amazon is now worth more than Microsoft as the online shopping behemoth weathered the recent Wall Street turmoil.

Amazon’s shares were down 1.14 percent, bringing its market capitalisation to $690.4 billion, while software maker Microsoft’s 1.83 percent fall depressed its market capitalisation to $690.3 billion.

Bolstered by blockbuster quarterly results, Amazon’s stock gained 3.8 percent over the three sessions ended Tuesday, even as Wall Street struggled through a rout that has raised fears that a nine year bull market may be ending.

Microsoft lost about 3.1 percent over the three sessions ended Tuesday.

Amazon’s market cap at points on Wednesday during intraday trade already topped that of Microsoft, but it has never closed at a higher value.

Amazon’s explosive growth in retail and cloud computing has sent its shares 77 percent higher over the past year, outpacing Microsoft’s 42 percent rise.

At the moment electronic toy maker Apple is still the IT king with an $819 billion market capitalisation followed by Alphabet at $736 billion.