Amazon Becomes Second U.S. Company to Hit $1 Trillion Market Cap

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"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. The stock closed at $2,039.51 Tuesday, about $11 short of keeping its valuation above $1 trillion. 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. For example, you can expect to see Amazon commercials during NFL Thursday Night Football this season, as well as ads on video game streaming service Twitch, which the company acquired in 2014.

Amazon has become the second publicly traded company to be worth a trillion dollars (£780 billion), hot on the heels of Apple.

Shares of the e-commerce giant gained about 2% in trading on Tuesday to hit an all-time high of $2,050.27.

In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan.

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The company's success put its founder and chief executive Jeff Bezos top of the Forbes billionaires list this year.

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. Now, just a month and change later, Amazon has done the same - however briefly.

Interestingly, as The Verge points out, Amazon is only the third company internationally to hit a $1 trillion market cap. In comparison, Apple has risen about 35.0percent in 2018. Bezos's fortune was measured at just under $100 billion at the start of 2018, so he is theoretically up more than $66 billion in unrealized gains so far this year.