Amazon market cap hit $1 trillion on Tuesday, becoming the second publicly traded U.S. company to reach the record valuation after Apple.
Shares of the e-commerce giant rose nearly 2 percent to a high of $2,050.50 in morning trading. The stock needed to hit a price of $2,050.27 to reach the $1 trillion mark, based on an outstanding share count of 487,741,189 shares — according to the company's most recent quarterly report in July.
Apple reached $1 trillion in early August after posting a strong quarterly report. The two Silicon Valley giants had been racing to the trillion-dollar finish line. Apple had a pretty significant head start,surpassing $900 billion in market value eight months before Amazon, which reached $900 billion in July on the heels of its biggest Prime Day ever.
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