However, Apple is still way out in front, with a market cap of $889 billion. The stock only needs to go up around 10% for Apple to top $1 trillion.
Amazon has though been growing at a much faster pace, almost doubling its share price in just one year — mostly due to the growth in its cloud business, Amazon Web Services.
Some investors now think one of these two could cross the line as soon as this year. There have been warnings that becoming a trillion dollar valuation company could be a double-edged sword — both cementing customer loyalty and a perception of quality but also raising concerns around competition, regulation and privacy.
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Amazon’s overtaking of Apple comes as investors abandon ad-based tech stocks, which have suffered amidst reports social media giant Facebook lost the personal data of about 50 million of its users.
Amazon chief executive and founder Jeff Bezos is now comfortably the world’s richest man and has boasted of the potential of the company’s Alexa voice activity technology saying projections “were very optimistic, and we far exceeded them”.
Amazon looks to have the strongest momentum of the three right now but it’s not going to be all plain sailing on the way to the $1 trillion market cap mark and some issues could still make it hard for all three to get there, assuming they ever do.
While Facebook and Windows maker Microsoft were also in the running until recently, it looks increasingly likely either Apple or Amazon will take the prize.
Meanwhile, some Chinese companies have also been moving quickly through the ranks. At the end of 2017 both internet company Tencent and online retailer Alibaba were in the top ten companies in the world by market cap.