Microsoft is officially back on top of the world, with the company’s market cap hitting A$3.31 trillion, surpassing Apple’s A$3.27 trillion.

The last time Microsoft was worth more than Apple was in July, 2020.

Microsoft delivered an earnings report that surpassed Wall Street estimates, buoyed by its focus on cloud computing.

Apple, in contrast, offered a dire forecast, with CEO Tim Cook warning of “larger than expected supply constraints” slowing the manufacturing and shipping of the new iPhone 13 range.

“We’re projecting very solid demand growth year over year. But we are also predicting that we’re going to be short of demand by larger than $US6 billion,” Cook told Reuters last week.