Apple has pretty much clung onto its title of world’s most valuable company since early in Tim Cook’s reign at the top. However, it may not hold that claim for too much longer if Amazon CEO Jeff Bezos has much to say about it!
Amazon shares rose 7.1 percent for a record high in premarket trading today, following the company’s massive Q1 earnings. That narrows Apple’s market cap lead to less than $50 billion.
While $50 billion is still a crazy large number, it’s not quite so significant when you’re talking about the two companies racing to become the world’s first $1 trillion business.
Amazon is currently estimated at a market cap of $788.5 billion, up from $736.2 billion at the end of Thursday. Apple, meanwhile, experienced a 0.4 percent gain in premarket trading for a market cap of $836.7 billion.
The year so far…
So far this year, Amazon has seen its stock rise 29.8 percent. In February, it beat Microsoft to take the place of the no. 3 U.S. company by market capitalization.
CEO Jeff Bezos is now the world’s richest man, with a personal wealth estimated at $112 billion. Earlier this year he made the biggest single-year increase on the rich list this century, thanks to a net worth which has increased by $39.2 billion in just 12 months.
For its part, Apple has been hit by reports of disappointing iPhone X sales. Although Apple has previously passed the $900 billion valuation, its stock has dropped around 8 percent over just the past two months. Apple will reports its own quarterly earnings next week.
According to current trajectories, Amazon could beat Apple to the $1 trillion mark by a single week. Both companies may cross the finish line this summer.