Microsoft hits $3 trillion market value

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 capitalized 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 capitalization. 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 megacap US technology-related companies begin reporting results.

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