Well, that didn't take long.
A little over a month after Apple Inc. (AAPL) became the first U.S. company to hit the $1 trillion market cap mark, Amazon (AMZN) followed suit on Tuesday morning, briefly surpassing the $2,050.27 mark before subsequently falling slightly. Shares of the e-commerce and cloud giant has been on a roll in the market since releasing impressive Q2 earnings.
"A big contributor to the quarter and the last few quarters obviously has been strong growth in our highest profitability businesses and also advertising," CFO Brian Olsavsky told reporters on its earnings conference call in late July. "We've seen a greater-than-expected efficiency in a lot of our spend in things like warehouses, data centers, marketing."
Amazon surpassed a record of $2,000 a share on Aug. 30. The jump came after analysts at Morgan Stanley raised the company's price target to $2,500 from $1,850.
The firm is bullish on the company's high margin revenue streams, which Morgan Stanley believes will drive higher profitability, reported TheStreet's Tony Owusu.
Year-to-date, Amazon shares have risen 75%, while over the last three years, they've risen 284% and a whopping 593% over the last five years. Apple shares, meanwhile, have continued to rise in August and its current market cap stands at about $1.1 trillion.