Amazon is now king of Wall Street. 

It became the highest valued US public company by market capitalization on Monday with a valuation of $797 billion. This is the first time the e-commerce company has claimed this title.

Apple has long taken top place with a market cap reaching more than $1.1 trillion in October, but over the past few months its shares stumbled over concerns of slowing iPhone sales. Apple closed at about $702 billion on Monday. 

Microsoft had led the last few weeks with a valuation upwards of $785 billion, but Amazon was able to surpass it after trade talks between Washington and Beijing on Monday, according to the Wall Street Journal.

Shares for Amazon dropped by 25 percent last quarter, but it was able to rebound in recent weeks. Its shares are now up 8.5 percent. The retailer hit a $1 trillion valuation once last September, but fell below the mark after markets' close.

While Amazon is known for its e-commerce site, it's been able to gain an edge with its cloud storage business and products like the Echo home assistant.

Amazon declined to comment for this story.