Amazon becomes second United States company to be worth US$1 trillion

Amazon's effect on local economies

Amazon's effect on local economies

The Seattle-based company has secured their customers loyalty through smart devices like Alexa and the Prime membership - a service that offers free next day deliver as well as music and video streaming perks.

The company's stock, as reported by CNBC, cruised past $2,050.27 per share, which was the bare minimum valuation Amazon needed to achieve a $1 trillion market cap.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

Apple Inc. may have gotten there first, but's rapid ascent to a $1 trillion market value should put the iPhone maker on notice that its days as the world's most valuable company are numbered.

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Amazon touched a market value of $1 trillion Tuesday, becoming just the second publicly traded company to reach the milestone.

Inc on September 4 joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months. Most notable was the speed with which Amazon hit the milestone, with its shares having more than tripled in the past three years. It first reached $100 on October 23, 2009. Apple's valuation has risen to $1.1 trillion since it first passed the threshold.

Here's the breakdown of how Morgan Stanley - one of the stock's most bullish sell-side shops - sees Amazon's five main units in terms of value.

'The company continues to experiment with new products and push into new geographies. Although it is well established in the United States and United Kingdom, it has huge scope to grow in the rest of Europe and Asia, especially India.

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