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Amazon outperforms Microsoft in market value

Amazon for the first time ever surpassed IT-giant Microsoft in market value, taking the third place among the world's most valuable companies after Apple and Alphabet. Amazon's market capitalization rose to $702.5 billion, while Microsoft has a market cap of $699.2 billion.

The e-commerce giant's share price gained 2.5 percent Wednesday to reach $1,451.05. Microsoft advanced 1.6 percent to $90.81.

Only Apple with $849.2 billion market cap and Alphabet with $745.1 billion are now ahead of Amazon. Microsoft is fourth, followed by China's Tencent and Facebook.

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