Microsoft's market capitalisation rose to $2 trillion for the first time this week.
GeekWire reports that Microsoft beat Amazon to the punch this time but the retail giant is catching up, valued yesterday at $1.77 trillion.
Microsoft is the second company to reach $2 trillion and only behind Apple in a ranking of the world's most valuable companies. Apple reached $2 trillion in August 2020.
At the time of writing, the market cap is $1.99 trillion, with a share price of $265.51.
The rise of Microsoft has been attributed primarily to growing demand for its cloud services, accelerated by needs for remote access during the pandemic.
While it only took a 1.1% rise in stock yesterday to cross the line into the $2 trillion club, the company's share price is up by more than 20% this year so far.
In April, it released its results for the third quarter of its fiscal year, with overall revenues up 19% to $41.7 billion and net income rising 44% to $15.5 billion.
The growth of Xbox is a contributing factor to this ongoing success, with gaming revenues up 50% year-on-year in the previous quarter. Xbox comes under the firm's personal computing division, which reported revenues of $13 billion, up 19%.