Amazon touches $1 trillion, on pace to overtake Apple

Reuters Graphic

Amazon shares gained on Tuesday, briefly making the e-commerce giant the second publicly listed U.S. company to reach a market capitalization of $1 trillion.

Apple reached the landmark on Aug. 2. It took the iPhone maker nearly 38 years to get there; Amazon made it in 21 years.

Amazon has made investors happy by diversifying into new retail areas, and building customer engagement through smart speakers and its Prime service.

“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. “They have a tiny share of the worldwide retail sales market so there’s a lot left to capture there.”

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