Home Market Amazon reaches $900bn market cap milestone in a trillion-dollar race

Amazon reaches $900bn market cap milestone in a trillion-dollar race


Tech giant Amazon briefly broke past the $900bn (£689.7bn) market value mark today, making it the second company ever to reach the milestone.

The company hit $902bn in a session high earlier today, after its share price rose 0.8 per cent at $1,858.88.

Apple is the only other company to be valued above that mark, now sitting just below $943bn. It's a race against the clock for the two tech giants, to see which company will be the first to earn a trillion-dollar crown.

Read more: Apple, Amazon and Alphabet in $1 trillion race

Google's parent company Alphabet stands in third place at $838.1bn, then is followed by Microsoft at $807.4bn and Facebook at $607.8bn.

The move has likely been the result of Amazon's longest ever Prime Day sale, where subscribers of its premium service purchased more than 100m products worldwide in 36 hours, at a 400 per cent increase on a typical day's sales volume.

Amazon's own products were the best sellers globally, including the Fire TV stick and the Echo Dot, both powered by its smart voice assistant Alexa.

Read more: All you need to know about Amazon's longest Prime Day ever on 16 July

On the first day of Prime Day sales, Amazon had its biggest number of new subscribers than any other day in the online retailer's history.

However on the same day, the site experienced a glitch where it was out of commission for 30 minutes. Though the reason behind the hiccup has not been revealed, an attack is suspected as fellow US retailers Walmart and Target also experienced down-time that day.

The best-selling products in the UK were the Bosch cordless drill, the Philips Hue personal wireless lighting strip and Finish dishwasher tablets.


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