Amazon stole Microsoft’s spot as the most valuable publicly traded U.S. company Monday morning with a market capitalization of $790 billion versus its competitor’s $785 billion, CNBC reports.
Microsoft had held the top spot since Nov. 28.
Adding insult to injury, this shift in rankings came the same day that Microsoft announced a new partnership with Kroger to create futuristic, digitally savvy grocery stores. This is a direct challenge to Amazon, which acquired Whole Foods in 2017 and has been rolling out brick-and-mortar, cashierless retail stores across the country.
In recent months, Microsoft, Apple, and Amazon have been battling to be the world’s most valuable public company after years of dominance by Apple. November marked the first time that Microsoft had surpassed Apple in eight years amid concerns by investors about Apple’s growth.