Amazon joins $1 trillion club, on pace to overtake Apple

Lindsey Wasson  Reuters

Lindsey Wasson Reuters

The e-commerce giant's stock rose to a high of $2,050.50 on Tuesday morning.

For context, the entire United States stock market - the sum of all publicly traded American companies including Amazon - hit $30 trillion back in January.

Apple reached the same milestone in early August.

Amazon became the second big United States company to hit US$1 trillion in stock market value in the latest demonstration of the rising clout of American technology heavyweights.

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Amazon has dominated USA retail as more consumers shift away from brick and mortar stores and toward online retailers.

"It says a lot about Amazon and its ever-increasing dominance of segments of the retailing world as well as the web services business", said Peter Tuz, President Of Chase Investment Counsel In Charlottesville, Virginia.

Other ventures include its purchase in 2017 of Whole Foods Market and an increasingly vital presence in the production of movie and television shows that are made available to subscribers of its Amazon Prime streaming service. And its cloud computing services for companies have become its main profit driver. Amazon shares first hit $1,000 on October 27, 2017.

The tech and retail behemoth, founded as an online bookstore by CEO Jeff Bezos in 1994, has only been consistently profitable since 2015.

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Inc on September 4 joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.

The Seattle-based company's stock has grown over 70 percent year-to-date, and has gained over 3,000 percent in the past decade. In comparison, Apple has risen about34.7 percent year to date.

Amazon now trades up 74.0 percent for the year to date.

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