Microsoft has overtaken Apple as the world’s most valuable company, making the Cupertino tech giant the second most valuable in the world, followed by Saudi oil giant Aramco.

Microsoft now sits at a market value of $2.46 trillion, while Apple stands at $2.43 trillion. Apple’s drop in market value follows what Wall Street analysts and experts call disappointing quarterly earnings results yesterday, despite solid growth in product categories.

A report earlier in May highlighted some of the ways that Microsoft and Apple will become increasingly more competitive against each other. As both companies continue to invest heavily in augmented reality and artificial intelligence, the rivalry is expected to grow in the years to come.