Amazon, Facebook race past Buffett's Berkshire

For the first time ever, Facebook (FB, Tech30) and Amazon (AMZN, Tech30) are now each worth more than Buffett's Berkshire Hathaway (BRKB).

Amazon's market value has soared to $360 billion, surpassing Berkshire as the fifth-biggest U.S. company. Facebook, fueled by another dose of blockbuster earnings, is not far behind Amazon with a market valuation of $357 billion.

Berkshire has dropped to seventh-place, with a market value of $356 billion. The conglomerate led by the legendary Buffett was also briefly surpassed by Facebook in January and Amazon in early July before rebounding.

So which companies are now ahead of Facebook and Amazon in market value? They're both gaining serious ground on ExxonMobil (XOM), whose market cap shrunk to $366 billion on Friday due to a crash in profits.

But Facebook and Amazon need to string together more stellar quarters before they can catch up to America's three most valued companies: Microsoft (MSFT, Tech30) ($439 billion), Google owner Alphabet (GOOGL, Tech30) ($519 billion) and Apple (AAPL, Tech30) ($562 billion).

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