Microsoft joined an exclusive club on Tuesday, becoming only the second US public company to reach a market capitalization of $2 trillion.
The company hit the threshold as shares rose as much as 1.2% before sliding back a little to close at $265.51, up 1.1%, and giving the company a closing market cap of $1.99 trillion.
Microsoft hit the lofty market cap roughly 10 months after another giant Apple hit the mark in August 2020. Apple currently has a market cap of $2.23 trillion.
Microsoft’s shares have been boosted, in part, by the pandemic. As lockdowns forced many to begin working and learning remotely more than a year ago, demand has increased for Microsoft’s software and cloud computing services. Since stay-at-home orders went into effect in March 2020, Microsoft’s stock is up more than 64%.
“Over a year into the pandemic, digital adoption curves aren’t slowing down,” Microsoft CEO Satya Nadella said in a statement at the time. “They’re accelerating, and it’s just the beginning.”