Microsoft nearly overtakes Apple as most valuable company

FILE PHOTO: Microsoft logo is seen on the smartphone in front of displayed Apple logo in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - 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% 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.