Amazon follows Apple to cross trillion-dollar milestone

Amazon follows Apple to cross trillion-dollar milestone

Amazon follows Apple to cross trillion-dollar milestone

Note that Morgan Stanley's theoretical breakdown assumes a stock price of $2,500 - higher than Amazon's price on Tuesday - which would give it a slightly higher market value of $1.32 trillion.

He said: "Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year". Apple's stock price fluctuated in sync with Amazon's today, with a peak around 11:30 this morning and a trough about an hour later.

Apple topped the $1 trillion mark in early August.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores.

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.

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It also provides video streaming services and bought upscale supermarket Whole Foods. Amazon shares first hit $1,000 on October 27, 2017.

Amazon's shares are up 75 percent from the beginning of the year.

Amazon briefly exceeded $1 trillion in value Tuesday amid growing criticism from President TrumpDonald John TrumpBrennan defends Kaepernick: He didn't kneel "to disrespect our flag" Trump warns Syria against attack on rebel stronghold: "Don't let that happen" Omarosa celebrates second week on bestsellers list despite "hit-pieces" from Trump allies MORE, becoming the second corporation to ever pass that threshold.

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

Analysts expect Apple's revenue to jump 14.9 percent in its fiscal year ending in September, according to Thomson Reuters data, a hefty rise but still far short of Amazon's expected revenue growth of 32 percent for 2018.

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