Amazon becomes world's most valuable public company

NEW YORK, Jan. 7 -- The e-commerce Amazon has become the largest company by market value at stock market close on Monday, surpassing Microsoft, previously the biggest public corporation.

Amazon's market value stood at 796.78 billion US dollars at market close, after its stock price rising 3.44 percent to close at 1,629.51 dollars apiece for the day.

Microsoft registered market capitalization of 783.57 billion dollars after its shares rising 0.13 percent. Microsoft and Kroger are taking on Amazon's cashierless stores with their own pilot program.

The Kroger Technology team has developed a smart technology system, powered by Microsoft Azure and connected by IoT sensors, to transform two pilot stores located in Monroe, Ohio and Redmond, Washington, respectively, near each company's headquarters, according to a statement released by Microsoft on Monday.

Apple, also a contender for the most valuable company, went down to 701.99 billion dollars in market value. Its stock price hit 52-week low last week after the company issued lower guidance for the fiscal 2019 first quarter.