Amazon on Tuesday briefly joined Apple Inc to become the second $1 trillion publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. If the online retailer’s shares keep up their recent pace, it would be a matter of when, not if, Amazon’s stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on Aug. 2. Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. "Amazon’s a little bit more dynamic than Apple because the iPhone has become more mature. Amazon’s cloud business is an extra growth driver that Apple doesn’t have," said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta who describes Amazon’s cloud services as its 'crown jewel'.

Source: The Star September 04, 2018 21:56 UTC