The technology sector remained the hot spot for investors given the dual tailwinds of a rising rate scenario and the new tax repatriation policy. After being hit by the massive broad market selloff last week, the sector is back in form. Once again, FAAMG stocks are on a tear and leading the market rebound with Amazon (AMZN – Free Report) and Microsoft (MSFT – Free Report) battling for the spot of the third-most valuable company.

This is especially true, as the e-commerce giant eclipsed the world’s largest software maker for the first time in terms of market value on Feb 13. At the close of the day, Amazon was worth $702.5 billion compared with Microsoft’s market value of $699.2 billion. However, on Feb 14, Microsoft again regained its third position as the largest public traded company with a market cap of $713.5 billion compared with Amazon’s $707.6 billion. Apple (AAPL – Free Report) and Alphabet (GOOGL – Free Report) are the two most valuable companies in the world.

Amazon surged 12.9% over the past one month fueled by its blockbuster Q4 results. The company came up huge earnings beat of 16.76% powered by big sales associated with its Alexa voice assistant and strong profits at Amazon Web Services. In fact, Amazon’s quarterly profit soared past $1 billion for the first time in its more than 20-year history.

The online giant has added 0.7% so far this month, easily dodging the impact of a broad market selloff. Beyond its core e-commerce business, Amazon has been expanding rapidly into cloud computing, artificial intelligence, consumer devices, entertainment, package delivery, brick-and-mortar and many other areas.

Meanwhile, Microsoft has climbed just 2.8% in a month. Its stellar quarterly results have failed to save Microsoft from falling into a correction territory (a decline of 10%) from the latest peak in the tumultuous market. The stock is down 2.4% so far this month. Since Satya Nadella has taken over, the fortunes of this software leader have strongly turned around and making it a true player in cloud computing business, which includes products such as Office 365, Dynamic 365 and the flagship Azure computing platform.