Microsoft's market value exceeds $2 trillion

Microsoft's market value exceeded $2 trillion during trading on Tuesday, becoming only the second publicly traded US company, after Apple, to reach such a valuation.

Its stock climbed 1.1 percent to $265.51.

Microsoft passed the $1 trillion market cap mark over two years ago.

The increased valuation was attributed to the Covid-19 pandemic, which led people to spend more time on devices, bolstering demand for Microsoft's computers, cloud computing platform, and gaming systems.

Microsoft's stock gained 64 percent since the pandemic lockdowns began going into effect in the US in March 2020.

In the first quarter, Microsoft's sales surged 19 percent on-year to $41.7 billion.

CEO Satya Nadella noted at the time that digital adoption curves aren't slowing down over a year into the pandemic.

Nadella revealed that Microsoft is building the cloud for the next decade, is expanding its addressable market, and innovating across every tech stack layer.

Apple's passed the $2 trillion market valuation last August and is now valued at $2.24 trillion.

Oil company Saudi Aramco previously passed the $2 trillion mark, though its market cap on Tuesday was $1.88 trillion.

Meanwhile, Amazon's market cap reached $1.77 trillion as Google parent Alphabet's hit $1.67 trillion.