$900bn Market Cap Milestone Achieved By Amazon


Today, Amazon, the Tech giant, was able to briefly break past the $900bn (£689.7bn) market value mark, making it the second company ever to be able to reach the said milestone.

Earlier today, the firm was able to hit $902 billion in a session high, after the share price of the company rose by 0.8 percent at $1,858.88.

Apple, the iPhone maker, is the only other company to be valued above the said mark. It is currently sitting just below $943 billion. It is now considered a race against the clock for the two tech titan, to see which of the companies will be the first to score a trillion-dollar crown.

Alphabet, the parent company of Google, is currently standing in third place at $838.1 billion. It is then followed by Microsoft and Facebook at $807.4 billion and $607.8 billion, respectively.

The results have likely been the outcome of longest ever Prime Day sale of Amazon, where the subscribers of its premium service purchased over 100 million products worldwide within 36 hours, at an increase of 400 percent on the sales volume of an ordinary day.

Globally, the own products of Amazon were considered to be the best sellers, including the Echo Dot and Fire TV stick. The two devices are both powered by Alexa, the smart voice assistant of Amazon.

During the first day of the Prime Day sales, the company had its largest number of new subscribers as compared to any other day in the history of the online retailer.

However, the site encountered a glitch on the same day, where it was out of commission for around 30 minutes. Even though the reason behind the problem has not been disclosed, an attack is speculated as Target and Walmart, its fellow US retailers, also encountered some downtime that day.

The best-selling products in the United Kingdom were the Philips Hue personal wireless lighting strip, Finish dishwasher tablets, and the Bosch cordless drill.