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Stocks

Switch catapults Nintendo's market cap past Sony's

Investors rally to the shares on expected boost in game console's output

Nintendo plans to ramp up shipments of the Switch in July and August.

OSAKA -- Nintendo's market capitalization hit 5.44 trillion yen ($48.9 billion) on Friday, surpassing Sony's for the first time in 11 months, as the soaring popularity of its Switch console drew investors to the game developer's stock.

The Kyoto-based company's market cap reached the highest since October 2008. 

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