By 
Reuters
Microsoft nearly overtakes Apple as most valuable company
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. Apple’s shares dipped 0.3% 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 demand for its iPhones. Microsoft’s stock has rallied 45% this year, with pandemic-induced demand for its cloud-based services driving sales.
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