Just last month, Apple hit an unprecedented milestone: a $1 trillion valuation. Today, Amazon has followed suit. Jeff Bezos’s e-commerce company made history by becoming the second U.S. company ever to reach the $1 trillion valuation mark. Its stock price, for a short period, exceeded $2,050.27 per share, which was the amount needed to hit the achievement.
The stock, however, is now down a bit to about $2,041, meaning the valuation has sunk to slightly below the $1 trillion mark. Still, this is an important day for Amazon. As its stock rally continues, we can only expect to see it trend upward, which means the landmark valuation will likely become a new normal.
Analysts, too, have been seeing this day as an inevitability. Morgan Stanley wrote last week that it believes Amazon could soon exceed a staggering $1.2 trillion valuation. For now, we’ll wait and see if Amazon can simply stay above $1 trillion. But Jeff Bezos can rest easy tonight with the knowledge that his company is Buzz Aldrin to Apple’s Neil Armstrong.