Amazon.com has officially dethroned Microsoft as the world’s most valuable public company, after shares spiked 3.4% on Monday, snaring the top spot.

It’s the latest major move as US tech stocks continue to shuffle, with Amazon notching a market capitalisation of US$797 billion – down from around US$1 trillion in September.

The jolt was enough to surpass Microsoft at US$789 billion, who nabbed the No. 1 spot in November.

In contrast to Amazon, shares in Microsoft climbed 0.1% on Monday.

The shuffle sees both companies edge higher than long-time rival Apple, who held the top spot for several years.

Google parent company Alphabet is currently in third place with a market capitalisation of US$745 billion.

The iPhone manufacturer’s market capitalisation has slumped from a record US$1.1 trillion in October to US$702 billion.

As previously reported, Apple has recently cut its sales outlook, sending shares plummeting to their lowest level since April 2017.