Editors' pick: Originally published July 22.
With its 6% spike this week on strong earnings, Microsoft's (MSFT) - Get Report share price is within striking distance of its all-time high reached all the way back in 1999. We thought it would be interesting to look back at how the other most valuable companies from the dot-com boom era have fared since that heady time.
At our request, Standard & Poor's compiled a list of the U.S. companies with the largest market capitalization on Dec. 27, 1999, when Microsoft hit an all-time closing high of $58.72 and was valued at a whopping $615 billion. Here's a look at how the four other most valuable companies from that list behind Microsoft have done since then.
1. Microsoft ($615 Billion Market Cap in 1999)
Microsoft's peak valuation came just weeks after Judge Thomas Penfield Jackson ruled that Microsoft operated a monopoly, raising the prospect of a breakup (an appeals court later reversed the ruling). Microsoft had just released Windows 2000 to manufacturers in late 1999, and would launch the operating system to the public in February 2000.
The stock dipped as low as the teens during the Steve Ballmer era from 2000-2014, but under Satya Nadella, Microsoft circa 2016 is battling for dominance of the cloud, instead of PC operating systems. Nadella recently launched a $26.2 billion purchase of LinkedIn (LNKD) , Microsoft's largest acquisition ever. The company's fourth-quarter revenues and earnings per share topped Wall Street forecasts this week, and sales of its Azure cloud product doubled year over year. The company's current market capitalization based on its number of shares outstanding is about $437 billion, still good for third-largest in the U.S. behind Apple (AAPL) - Get Report and Alphabet (GOOGL) - Get Report.