Microsoft Joins Apple As Second Publicly Traded US Company to Hit 2T Market Cap

In a year of stock market surges and increasing reliance on technology for work, school and play, Microsoft has joined Apple as the second publicly traded U.S. company with a market valuation of over $2 trillion, CNN reported today.

See: Google, Microsoft Beat Earnings Estimates Thanks To Cloud Services, Ad Revenue
Find: What If You Had Invested In Apple Stock Instead of Buying the First iPhone?

Saudi Aramco oil company exceeded that $2T cap earlier this year but didn’t maintain the position, sitting at $1.88 trillion this week. Apple, on the other hand, has plenty of breathing room ahead of the #2 and #3 companies, with a valuation right now of 2.226 trillion, according to YCharts data.

Pandemic-Driven Growth and Cloud Computing Division Boosts Microsoft Stock

Microsoft exceeded the $2 trillion market cap during trading Tuesday, and sits just under that mark, at $1.99 trillion mid-day on Wednesday. It is expected to make the spot permanent by the end of the week.

What’s especially remarkable about Microsoft’s valuation is that it doubled its market cap in just two years, hitting the $1 trillion milestone in 2019, CNN Business reports.

Microsoft stocks have risen 64% since last March, with the growth driven by the pandemic and the need for laptops and netbooks for students and remote workers, as well as productivity software and even gaming systems. Plus, the company’s emphasis on cloud computing and its advances in this area have helped drive Microsoft’s value in an increasingly digital world.

According to a press release, Microsoft has managed to evade scrutiny from U.S. antitrust regulators, enabling it to pursue acquisitions and product expansions more freely than other tech giants right now.

New Board Chair Sparks Lift

In addition, Microsoft recently appointed CEO Satya Nadella to the role of Board Chair, giving him more power to drive growth. The appointment also drove stock prices, with Microsoft jumping 1.2% during trading on Tuesday.

As the board chair, Nadella will set the board’s agenda and work closely with independent lead director John Thompson, who will lead executive sessions and spearhead his performance evaluations. Nadella will also continue to hold the title of CEO, managing Microsoft’s strategic, operational, and organizational processes.

See: Google Is Saving Over $1 Billion Thanks to Work from Home
Find: How Much Small Businesses Contribute To Your Neighborhood vs. Amazon

Amazon and Google Bringing Up the Rear

Amazon and Google may soon join Microsoft and Apple as the only publicly-traded, U.S. companies to reach a $2 trillion market cap. Amazon stock, down slightly for the day after a lackluster performance during Prime Day, is sitting at a valuation of $1.76 trillion. Google has a market cap of $1.67 trillion right now and is rising mid-day.

Is Microsoft Stock a Buy Right Now?

StockMarket.com recently listed Microsoft as one of the four top tech stocks to invest in right now. Trading at $265 mid-day Wednesday, the company has a solid future, good fundamentals, and pays dividends of $0.56 per share.

This article originally appeared on GOBankingRates.com: Microsoft Joins Apple As Second Publicly Traded US Company to Hit 2T Market Cap