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NEW YORK: Microsoft briefly overtook Appleon Monday as the world's most valuable company by market capitalization before slipping back into second place. 

Near 1800 GMT, Microsoft hit an overall market capitalization of $812.9 billion, just ahead of Apple's $812.6 billion, according to Bloomberg News. 

However, Microsoft's surge to the top spot was short-lived. In late-afternoon trading, Apple's value was $822.9 billion, about $7 billion above Microsoft's. 

The Nasdaq has fallen more than 12 percent since the end of September, with high-flying tech names experiencing big drops. Just last month, Amazon and Google parent Alphabet were also ahead of Microsoft in market capitalization.