Apple Still Expected to Become First Trillion-Dollar Company, But Amazon Makes it a Two Horse Race
This has been a good year for Amazon, and the company has caught up with Apple in the valuation stakes.
Representative Image.(Image: Reuters)
It has long been expected that Apple will become the first company ever to achieve the market cap of a trillion-dollars. That valuation would be achieved for the first time, if and when it happens. However, as things stand this month, Amazon on the back of some great Prime Day sales numbers, is closing in fast. It no longer remains a one-horse race, and Apple will have to watch it’s back. Apple currently has a market cap of $933.7 billion, which is just 7.1% away from the trillion-dollar mark.
But it is hard to ignore Amazon’s rise. The company has a current market cap of $894.6 billion, which is 11.8% away from the trillion dollar valuation. Amazon stock peaked earlier this month, which spiked its valuation to $902 billion for a period of time. While Amazon is still in second place, it is the speed at which the company has closed in on Amazon is what is making everyone stand up and take note. Amazon got a boost after it announced that it had sold more than $100M worth of products on Prime Day sales earlier this month.
According to financial data and software company FactSet, Apple’s shares have increased by 13% this year, while Amazon’s are up a whopping 58% in the same period. It is important to note that Amazon’s earnings are just round the corner, and we could see another spike around 26 July based on good numbers.
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