(Reuters) – A surge in Microsoft Corp Apple Inc (NASDAQ) shares almost overtook (NASDAQ:), as the most valuable company in the world on Wednesday. This was just a day before Apple Inc reports its quarterly results.

Microsoft shares rose 4.2% in the fourth quarter to record $323.17. This was due to strong quarterly growth of its Azure cloud computing business. According to Refinitiv data, this raises Microsoft’s market capitalization from $2.426 trillion to $2.426 trillion. It is just short Apple’s valuation at $2.461 trillion.

Apple shares fell 0.3% before its Thursday report, due shortly after the bell. Investors are focusing on the challenges that the global supply chain crisis poses to Apple’s ability meet its iPhone demand.

Microsoft stock rose 45% in this year’s market, driven by pandemic demand for cloud-based services. Apple shares have increased by 12% between 2021 and 2022.

Microsoft’s stock price was overtaken by Apple’s in 2010, when the iPhone made Apple the leading consumer technology company. In recent years, Wall Street has seen both Apple and Microsoft take turns being the most valuable company on Wall Street. Apple holds this title until mid-2020.

Microsoft’s Tuesday report said that it expects a strong year because of its cloud business. But, the company warned that key units like those who produce its Surface laptops, and Xbox gaming consoles, will still be affected by supply-chain problems.

Refinitiv reports that analysts anticipate Apple reporting September-quarter revenues of $31 to $84.8 billion, and adjusted earnings per share of $1.24.