Microsoft became the world’s most valuable listed company by market capitalization in 2021 after surpassing Apple.
Microsoft overtook Apple during periods in 2021 when investors favored its cloud-computing growth and Apple faced supply-chain concerns. Microsoft’s Azure platform, enterprise software, subscriptions, and productivity products helped persuade markets that its revenue could continue expanding beyond the traditional Windows business.
The companies exchanged the top position at different times because market capitalization changes continuously with share prices. Saudi Aramco, which is also among the world’s largest listed companies, can rank differently depending on the measurement date and whether the comparison uses local or converted currency values.
Microsoft’s history reaches back to 1975, when Bill Gates and Paul Allen founded it to develop software. Its transformation toward cloud services, especially through Azure and Microsoft 365, was central to its modern market valuation.