Microsoft nearly overtakes Apple as most valuable company

A surge in Microsoft Corp’s shares nearly unseated Apple Inc as the world’s most valuable company on Wednesday, a day before the iPhone maker reports its quarterly results.

Fueled by strong quarterly growth in its Azure cloud-computing business, Microsoft’s shares jumped 4.2 percent to end at a record $323.17, elevating the software maker’s market capitalization to $2.426 trillion, just short of Apple’s $2.461 trillion valuation, according to Refinitiv data.

Apple’s shares dipped 0.3 percent ahead of its report due after the bell on Thursday, with investors focused on how the global supply-chain crisis is challenging the company’s ability to meet the demand for its iPhones.