Amazon follows Apple to $1trn market value in tech share surge

Amazon follows Apple to $1trn market value in tech share surge

For a short while Tuesday, Amazon joined Apple and hit a $1 trillion valuation. Amazon shares first hit $1,000 on October 27, 2017.

Amazon and Apple are both worth about US$1 trillion.

On August 2, Apple became the first United States company to reach a total market capitalization of $1 trillion. The share price has since dropped down, so the company was only valued at $1 trillion for a brief few minutes.

Even more telling is Amazon's size when compared with the entire national stock markets of other countries. It's book value is now greater than that of every stock listed in all but 13 countries, including those of Taiwan, Spain, and Italy, according to the CIA's World Factbook.

The online retail giant eclipsed the $1-trillion mark Tuesday morning when the price of one of its 487,741,189 shares rose to $2050.27, according to CNBC.

Strongest typhoon in quarter century hits Japan
Hundreds of flights have been cancelled in the face of strong winds and heavy rain which are expected to devastate the country. Video footage showed waves pounding the coastline, sheet metal tumbling across a parking lot and a truck turned on its side.

As of writing, Amazon's market cap is sitting pretty at $994.75 billion; it's nearly a certainty that the company's valuation will top $1 trillion again relatively soon.

Amazon shares were last up 1.4 percent at 2,041.29, pulling back slightly from the milestone level of $2,050.2677. "Now that it has several high-margin revenue streams, we're seeing those doubts subside". Amazon Web Services provides cloud computing services to companies and government, and Amazon's advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site.

Amazon, founded by Jeff Bezos as an online bookseller in 1994, has grown rapidly into one of the country's largest and most influential companies.

Bezos became the world's richest man in the process, with a net worth estimated at more than $140bn.

Amazon shareholders have already had a extraordinarily good year.

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