Amazon became the second-ever publicly traded company to trade at $1 trillion this week. This caps a year that saw the company’s stock price more than double, based largely on growth in retail and cloud computing.
Apple reached the $1 trillion mark at the beginning of August, but Amazon’s sales growth is far stronger, making it “a question of when, not if” it overtakes Apple, according to Reuters.
“It says a lot about Amazon and its ever increasing dominance of segments of the retailing world as well as its web services business,” Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, told Reuters. “They have a tiny share of the worldwide retail sales market so there’s a lot left to capture there.”