Microsoft's (MSFT.O), opens new tab stock market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world's second most valuable company, just behind Apple (AAPL.O), opens new tab.
Microsoft and Apple shares have been vying for the top spot as the most capitalised stock on Wall Street since the start of the year, with the iPhone maker briefly losing its crown to the software giant earlier in January.
Shares of Microsoft hit a record high of $405.63, up 1.7%, enabling it to breach the $3 trillion market capitalization level.
But it later closed at $402.56, valuing Microsoft at $2.99 trillion, just below the threshold price of $403.65 that would have kept it above $3.0 trillion.
Apple's shares pared earlier gains and closed down 0.35% at $194.50, giving it a market value of $3.0 trillion, according to LSEG data.
Backed by its investment in ChatGPT maker OpenAI, Microsoft is widely seen as a frontrunner in the race for market dominance in the rollout of generative artificial intelligence (AI) among other tech heavyweights, including Google owner Alphabet (GOOGL.O), opens new tab, Amazon.com (AMZN.O), opens new tab, Oracle (ORCL.N), opens new tab, and Facebook owner Meta Platforms (META.O), opens new tab.
Using OpenAI's technology, Microsoft has rolled out newer versions of its flagship productivity software products as well as its Bing search engine, which is expected to better compete with Google's dominant search offering.