Amazon is even more valuable than Alphabet now

Apple, watch your back.
Apple, watch your back.
Image: Reuters/Jason Redmond
We may earn a commission from links on this page.

Amazon has overtaken Alphabet as the US’s second most-valuable publicly traded company behind Apple.

The e-commerce giant’s shares have soared over the past year on huge profitsmounting growth, and booming and expanding businesses like cloud computing and grocery. Yesterday, the stock rose 2.7% to close at $1,584.91. It brought Amazon’s market capitalization to a whopping $768 billion, and surpassed Alphabet’s $762 billion.

Google’s parent company, which makes most of its money from online advertising, took a hit as problems at Facebook cast a pall over the digital advertising industry and prompted concerns on Wall Street over possible regulatory invention. It dipped to $1,097.71 by market close yesterday.

At the time of the writing, Amazon’s shares had slipped about 9%, while Alphabet’s were flat. Will it hold on its newly claimed title?