SEATTLE, WA (CelebrityAccess) — Internet giant Amazon on Tuesday became the second U.S. company whose market cap has hit the $1 trillion milestone.
Amazon shares were rose by 2 percent early Tuesday, pushing the share price to a high of $2,050.50, approximately 22 cents more than it needed to join the $1 trillion dollar club.
Amazon follows on the heels of Apple, who became the first trillion dollar company on August 2nd. While Apple was the first American company to reach that milestone, they weren’t the first.
In 2007, China’s national oil concern PetroChina passed the trillion dollar mark briefly before the plummeting price of oil and the financial crisis helped bring them back to earth.
According to CNBC, analysts contribute Amazon’s growth to its increasingly diverse portfolio, which includes everything from high-end grocery store Whole Foods Market to a competitive music streaming service.
As well, Amazon’s web service reported that it’s AWS web services unit had grown by 50% in the second quarter. This year, the company’s stock has gained more than 70 percent, and doubled in the past 12 months, CNBC reported.