Microsoft hits $3 trillion market value

The tech giant retains its place as the world's second most valuable company, just behind iPhone maker Apple

A Microsoft logo is seen in Los Angeles, California US, Nov 7, 2017. REUTERS/Lucy Nicholson

Microsoft's stock market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world's second most valuable company, just behind iPhone maker Apple.

Microsoft and Apple shares have been vying for the top spot as the most capitalised stock on Wall Street since the start of the year, with the iPhone maker briefly losing its crown to the X-box owner earlier in January.

Shares of Microsoft hit a record high of $404.72, up 1.5%, and allowing the tech giant to briefly breach the $3 trillion market capitalisation. Apple's shares were trading at $195.47, up 0.14%, giving it a market value of $3.02 trillion, according to LSEG data.

Wall Street's run-up to record highs will be put to the test in the coming weeks as mega cap US technology-related companies begin reporting results.