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takyon writes:

Microsoft just leaped over Amazon as second most valuable U.S. company

Microsoft overtook Amazon as second most valuable U.S. company on Friday after investors punished Jeff Bezos' e-commerce behemoth for a disappointing quarterly earnings report, wiping $65 billion off the online retailer's market capitalization.

Apple still tops the list at over $1 trillion after crossing that threshold in September. Microsoft's market capitalization was Wall Street's highest in late 1998 through early 2000 before the dot-com bubble burst.

Amazon's shares dropped 7 percent, the most in nearly three years after its holiday season sales outlook missed targets, fanning concerns that Wall Street's tech darlings are finally starting to face stronger competition.

Microsoft fell a more modest 2 percent in a broad technology sell-off that was also driven by a weaker-than-expected report from Google-parent Alphabet.

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