Amazon became the second $1tn publicly listed US company for a short period after its stock price more than doubled in a year thanks to its strong retail business and growing cloud computing division AWS.
The company's shares traded as high as $2,050.50 before falling slightly to $2,039.51 at the end of trading on Tuesday making the company the latest business to hit the $1tn valuation after Apple recently hit the milestone.
If Amazon's shares are able to keep their current pace, the ecommerce giant could soon overtake the iPhone maker in market valuation to become the largest publicly traded company. It took Apple 38 years to reach the trillion dollar milestone while Amazon was able to do it in just 21 years.
While Apple's products remain quite popular with consumers, the company's reach is not as widespread as Amazon which as diversified into almost every corner of the retail industry while taking the lead from Google and Microsoft in cloud computing.
The iPhone no longer boasts the same appeal that it once had as stagnation has swept across the smartphone industry as a whole. Meanwhile Amazon's cloud computing segment has grown tremendously as the firm has improved its Prime offerings with streaming video and is preparing to move into brick and mortar retailing with the purchase of the upscale supermarket chain Whole Foods.
Amazon could very well hold its market valuation of $1tn any day now as AWS continues to dominate its competition and the ecommerce giant finds even more ways to diversify its business.
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