Amazon is now worth $1,000,000,000,000


For context, the entire USA stock market - the sum of all publicly traded American companies including Amazon - hit $30 trillion back in January.

Shares of the e-commerce giant gained about 2% in trading Tuesday to hit an all-time high of $2,050.27.

Amazon is the second U.S. company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business. The giant online retailer and Web services company has been consistently profitable since 2015. And its cloud computing services for companies have become a major driver of earnings and revenue.

Inc. shares rose as much as 1.9%, pushing the company briefly beyond a market value of $1 trillion, a milestone Apple Inc. reached last month.

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland.

Even with Amazon hitting the $1 trillion mark, Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long way to go - but say they, one day, could end up bigger then Apple. Apple topped the $1 trillion mark in early August.

By October 2009 it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017.

In the past quarter, Amazon posted its best-ever profit of US$2.5 billion as Bezos, whose stake in the company has made him the richest person, highlighted the importance of digital assistant Alexa that powers Amazon electronics along with cars, appliances and other connected devices. Amazon's stock is up almost 70 percent this year as US tech stocks continue to reach record highs. Amazon had $178 billion in revenues past year and made $2 billion in profit in its most recent quarter.