Amazon is now worth more than Google’s parent company, Alphabet making it the second most valuable company on the NYSE with the company now aiming for Apple and the trillion dollar mark.
On Tuesday, Amazon’s market capitalisation finished up US$768bn and Alphabet’s ended down at US$762bn.
Reuters says Amazon’s shares rose due to underscoring Wall Street’s confidence in its relentless expansion into cloud computing, groceries and other new businesses. Alphabet struggled due to ‘Wall Street fretting about regulatory fallout’ following the Facebook data scandal with Cambridge Analytica.
Amazon stock price is currently at US$1586.51, up 2.69 per cent and Alphabet’s stock value is at US$1095.8, down 0.39 per cent.
Amazon’s stock has jumped 83 per cent over the past year due to speedy revenue growth as online shopping becomes more of the norm and businesses shifting operations to the cloud as Amazon Web Services is currently leading the market.
Reports are saying if it stays on the same path, Amazon could be worth more than Apple in August.
Last month, Amazon’s market value jumped Microsoft rising to US$702.5bn compared to US$699.2bn.
