Amazon becomes the world's second trillion dollar company after Apple

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon's market valuation in recent weeks pulled ahead of two other tech giants - Google's parent company, Alphabet, and Microsoft - to hit the $1 trillion mark.

While Amazon's and Apple's runs created plenty of fanfare, they're not the first companies to hit the $1 trillion level.

It crossed the line at 16:40 BST before falling back slightly.

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Still plenty of catalysts could affect the horse race ー investors will be closely watching Apple's big iPhone reveal next Wednesday, and the all-important holiday shopping season will be key for Amazon.

"Amazon CEO Jeff Bezos holds up the new Kindle Fire HD 7" and Kindle Fire HD 8.9" (L) during Amazon's Kindle Fire event in Santa Monica, California September 6, 2012.

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

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If the online retailer's shares keep up their recent pace, it would be a matter of when, not if, Amazon's stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2. Amazon shares first hit $1,000 on October 27, 2017.

Amazon has revolutionised how people shop online and is the world's dominant Internet retailer.

Amazon touched a market value of $1 trillion Tuesday, becoming just the second publicly traded company to reach the milestone.

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Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily. The share price has since dropped down, so the company was only valued at $1 trillion for a brief few minutes.

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