Amazon just became the world's most valuable company, ending Microsoft's spot at the top after 5 weeks (MSFT, AAPL, AMZN)

Amazon has stolen Microsoft's crown as the world's most valuable company.

On Tuesday, the Seattle-based online retail giant capped a strong holiday sales period with a 3% pop in its stock price, bringing its market capitalization to $793 billion and edging past Microsoft's roughly $788 billion valuation.

The change marks the latest shake-up for the top spot, which until recently was occupied for years by the iPhone maker Apple, and underscores the shifting competitive landscape in the tech industry.

Microsoft's reign at the top lasted just more than a month, though the close valuations of the tech giants means they are likely to trade places on and off again in the coming months.

Amazon's fortunes have soared as the company has transformed itself from an online sales powerhouse to a maker of electronic gadgets, a purveyor of streaming video, and a "cloud" infrastructure provider that powers some of the world's most popular services.

Apple has come upon tough times as market saturation slows sales of smartphones, a phenomenon that appears to be taking a particularly big toll on the company's premium-priced iPhones.

A business turnaround at Microsoft, led by CEO Satya Nadella, has rekindled growth at the software company, raising investor confidence and boosting Microsoft's share price. But even as Microsoft's fortunes have rebounded, Amazon has steamed ahead.

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