Amazon has overtaken Alphabet — Google’s owner — as the company with the second-highest market value in America, as Google’s stock fell for the third consecutive day on Tuesday (March 20). The eCommerce retailer’s market value has risen to close to $765 billion, which is about $3 billion more the market value of Google, CNN Money reported.
As of now, Apple is the only company worth more than Amazon at nearly $900 billion. And Microsoft is behind Apple, Amazon and Alphabet with a market value of $720 billion.
Google’s stock hasn’t fared well due to concerns surrounding the data scandal at Facebook. Investors are also beginning to worry the controversy surrounding advertising buys on Google properties from Russian troll farms isn’t going away. Both Google and Facebook are leaders in the digital ad space.
The news comes as Amazon might just beat the world’s most valuable publicly listed company — Apple — to the $1 trillion mark. While Reuters had reported that Apple’s market capitalization has reached $893 billion — $141 billion more than the $752 billion market value of Amazon reported earlier this month — the eCommerce giant has been quickly gaining steam.
Amazon’s stock surged 83 percent over the past year, and if its stock continues growing at this pace, the company’s market capitalization would hit $1 trillion in late August. Apple would reach that mark around a week later if its stock price grew at the same pace it has over the past year.
Much of Amazon’s growth is attributed to its quick increase in revenue, a result of more retailers selling online and businesses moving their computing operations to the cloud, where Amazon Web Services is the leader in the market.
In addition, Amazon has announced a partnership with Berkshire Hathaway and JPMorgan Chase to address healthcare for their U.S. employees, focusing on reducing costs and improving customer satisfaction. Its initial focus would be on using technology to provide U.S. employees and their families with easier, high-quality, transparent healthcare at a reasonable cost.