Amazon.com Inc. has become the second U.S. Company after Apple to reach $1 trillion in market value.
Shares of Amazon climbed 1.9% in midday trading on Tuesday, topping the $2,050.27 needed to push the company’s value above $1 trillion.
The stock has surged 75% in 2018 and added more than $435 billion to the company’s market capitalization—roughly the size of Walmart Inc., Costco Wholesale Corp. COST +0.34% and Target Corp. TGT 0.82% combined.
Investors have rewarded the Seattle-based company as it demonstrated better financial discipline in recent quarters, reporting record profits because of lucrative businesses such as cloud computing despite aggressively spending on industries from health care to grocery delivery.
“They’ve proven they can make it work,” said Michael Lippert, who manages the Baron Capital BCAP -98.00% Opportunity Fund that counts Amazon as its largest holding. “They’re spending a lot on all these things to build and enforce their competitive advantages.”
Upstreman 1.7 Cu.ft Mini Fridge with Freezer, Adjustable Thermostat, Energy Saving, Low Noise, Single Door Compact Refrigerator for Dorm, Office, Bedroom, Black-FR17
$107.97 (as of September 30, 2023 21:24 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Basics High-Density Round Foam Roller for Exercise, Massage, Muscle Recovery
$16.99 (as of September 30, 2023 21:24 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Frigidaire Countertop Ice Maker, Compact Machine, 26 lbs per day, Stainless
$97.00 (as of September 30, 2023 21:24 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Thicker than Water: A Memoir
$24.95 (as of September 30, 2023 21:24 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
