Just earlier this month we witnessed stock market history with Apple (NYSE:APPL) being the first US based business to hit a $1 trillion market cap. This was a huge feat for both Apple and the entire market as a whole. Now this week, we see Amazon on a very similar path to $1 trillion market cap.
Amazon (NASDAQ:AMZN) is the largest companies in the world specializing in e-commerce, web services, and even has plans to dive into healthcare. Currently valued around $1,910 a share, Amazon has gone parabolic since 2015, gaining over 500% since. Just this year shares are up over 50%.
The Jeff Bezos-led company reportedly topped $2.5 billion in quarterly profits for Q2 of 2018. This is the third consecutive quarter where Amazon reported quarterly profits of over $1 billion. These earnings are huge as revenue and profit growth are coming much quicker than many analysis anticipated.
Additionally, Amazon’s Web Services have contributed greatly in the past few years to their growth, by offering a new variety of services to consumers and businesses. Amazon’s AWS specializes in cloud technology, one of the most explosive and expansive forms of data storage which is set to phase out physical data storage.
For Amazon to hit a $1 trillion market cap, shares must pass the price point of $2053.39. Currently Amazon shares are trading around $1,910 a share, meaning there is less than a 10% increase needed to push Amazon over $1 trillion!
Although the “$1 trillion market cap” is “just a number” it represents the strength and potential not only of the company that reached it, but also of the market.