|Microsoft becomes second U.S. firm to pass $2 trillion market cap|
Microsoft reached a $2 trillion market capitalization in trading Tuesday, joining a small group of global companies that have crossed that threshold — including Apple.
The technology giant is now the second publicly traded U.S. company to reach a $2 trillion market valuation. Apple reached its own $2 trillion market cap back in August 2020.
Despite hitting $2 trillion in intraday trading on Tuesday, Microsoft's valuation was about $300 million shy of the high-water mark by the time markets closed. Its share price is currently sitting at $265.51 as of 5:23 p.m. Eastern time.
Like Apple, Microsoft has benefitted from the work-from-home and remote education boom created as a result of the coronavirus pandemic. Since March 2020, when lockdowns began, Microsoft's stock has surged 64%.
Back in April, the company reported that its sales had risen 19% year-over-year to $41.7 billion in the first quarter of 2020.
As of writing, Apple's market valuation standards at $2.24 trillion. Some analysts believe the Cupertino tech giant could become the first to hit a $3 trillion market cap within a few years.
Along with the technology giants, oil company Saudi Aramco also once surpassed the $2 trillion mark. On Tuesday, its market valuation was $1.88 trillion.