There was a surge in Volish shares, before the iPhone maker reports its quarterly results. Fueled by strong quarterly growth in its Azure cloud-computing business, Microsoft's shares jumped 4.2 percent to end at a record $323.17, elevating the software maker's market capitalisation to $2.426 trillion, just short of Apple's $2.461 trillion valuation.

The Tame Apple Press claimed there was nothing to fear as Apple's shares dipped 0.3 percent ahead of its report due after the bell on Thursday, with investors focused on how the global supply-chain crisis is challenging the company's ability to meet demand for its iPhones.

Microsoft's stock has rallied 45 percent this year, with pandemic-induced demand for its cloud-based services driving sales.

Apple's stock market value overtook Microsoft's in 2010 as the iPhone made it the world's premier consumer technology company.

The two companies have taken turns as Wall Street's most valuable company in recent years, with Apple holding the title since mid-2020.

However Vole has been doing rather well and forecast a strong end to the calendar year thanks to its booming cloud business, but it warned that supply-chain problems will continue to dog key units, such as those producing its Surface laptops and Xbox gaming consoles.

Apple is also expected to do well and report  September-quarter revenue up 31 percent to $84.8 billion and adjusted earnings per share of $1.24 although it should have similar problems with supply chain issues.