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Amazon Joins Apple In US$800B Club

E-commerce behemoth, Amazon, has joined the ranks of Apple, after shares jumped 1.4% overnight to $1,665.27 – catapulting the company into the exclusive US$800 billion market cap club.

Amazon’s market cap now sits around US$808 billion – a notable 42% increase for the year.

After reaching US$700 billion in January, the company only took 85 trading days to reach the US$800 billion mark.

The news follows Amazon’s stellar first quarter revenue growth – its best in six years – and its second consecutive US$1 billion profit.

Californian rival, Apple Corp, has a market cap of around US$943 billion.

In April last year Amazon narrowed closer to Apple, with less than a US$35 billion differential between market caps.

By contrast, Google’s parent company, Alphabet, has notched one of the largest falls of the world’s largest tech companies. Alphabet hit the US$800 billion milestone in January, however, has since dropped below Amazon to around US$796 billion.

Amidst a global privacy saga, Alphabet shares have increase a comparatively minor 9.5% this year.

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