Amazon has eclipsed Microsoft as the world’s most valuable listed company as volatile markets reshuffle Wall Street’s pecking order.
Microsoft also rose, but by less than 1%, leaving its value at $784bn (£614m).
It is the first time that Amazon – founded by Jeff Bezos in 1994 – has held the top spot and ends Microsoft’s brief return to the number one position after it surpassed Apple late in November.
Apple share prices have been under pressure amid fears that Donald Trump’s trade war with China will hold back economic growth.
Technology stocks and other industries that generate a substantial chunk of revenues outside the US are among those that have been badly affected by the market volatility.
Amazon, despite climbing ahead of Microsoft, is worth a fifth less than in September when its value peaked at more than $1tn.
The iPhone maker confirmed some of investors’ worst fears last week when it warned it would miss its quarterly revenue target, largely blaming a slowdown in China amid its trade war with the US.
