SAN FRANCISCO, CA — Amazon topped out as the most valuable publicly traded company in the U.S. on Monday.
The e-commerce giant surpassed Microsoft, which has held the position since November.
Amazon’s market value rose to $797 billion, edging past Microsoft’s $784 billion estimated value.
Despite its rise, market turmoil continues to affect Amazon’s stocks. The company was down 21 percent since its peak in September at $1 trillion.
Other tech companies have also suffered, with Apple down 37 percent since October.
The market upheavals have raised speculation that the U.S. and China’s trade wars, along with rising interest rates, will lead to a decline in companies that rely on a sizable amount of their revenue from sources outside the U.S.