Amazon on Monday briefly surpassed Apple as the world's most valuable publicly traded company, days after Microsoft dethroned longtime leader Apple.
Amazon rose as much as 4.7%, giving it a market capitalization of $865 billion ahead of Apple's $864.8 billion valuation. Apple reclaimed its crown with a market value $846.4 billion — after Amazon's market cap dropped to $827.1 billion as of 3 p.m. ET.
Microsoft, whose market capitalization last Monday surpassed Apple's for the first time in eight years, had a market value of $844.9 billion.
In August, Apple became the first US company with a $1 trillion valuation, and in September Amazon became the second US company join the club.
But things changed in October, when the stock market saw one of its worst months since the financial crisis and the tech-heavy Nasdaq Composite shed more than 12%.
Apple's stock has been under pressure recently, down more than 20% from its October peak, amid signs of waning iPhone demand. The smartphone giant on November 1 reported underwhelming iPhone sales and said its holiday sales would be disappointing. Additionally, several suppliers have cut their forecasts, citing a drop in smartphone demand. Read more