Apple temporarily loses its $1 trillion market cap

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Tim Cook earnings apple
Apple made a whole lot of money, but not enough for some investors.
Photo: Ste Smith/Cult of Mac

There was a lot to be enthusiastic about from yesterday’s Apple earnings, but some investors are rattled by weaker-than-expected iPhone sales.

As a result, Apple’s valuation dipped below the $1 trillion mark for the first time since the company hit that milestone earlier this year. The slide could well continue in the early part of today.

Amazon becomes the next $1 trillion company after Apple

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$1 trillion
Amazon became only the second company, behind Apple, to reach the $1 trillion market valuation.
Photo: Roberto Baldwin/The Next Web

Amazon became the second member of the $1 Trillion Club this morning – then left it after stock prices dipped.

Amazon crossed the threshold at $2050.27, five weeks after Apple was first to reach $1 trillion. By early afternoon, Amazon shares were trading at $2,035.64.

Watch out, Apple: Amazon could be worth $2.5 trillion by 2024

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Bezos
Amazon CEO Jeff Bezos has a lot to be cheerful about!
Photo: Steve Jurvetson/Flickr CC

Apple may have pipped Amazon to the post by being the first company to hit $1 trillion (despite some predictions to the contrary), but Amazon has nothing but good things in its future.

According to a new report from MKM Partners, by 2024 — roughly five years from now — Amazon could be valued at a whopping $2.5 trillion. Amazon Web Services alone could, meanwhile, be valued at a whopping $1 trillion, approximately the same valuation Apple holds today.

Amazon is closing in on Apple to hit $1 trillion valuation

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money
Apple's position as first $1 trillion valuation is no longer guaranteed.
Photo: Ste Smith/Cult of Mac

As the first company in history to pass the $700, $800, and $900 billion marks, Apple has long looked set to become the world’s first ever $1 trillion company. But Amazon is rapidly closing in on it.

This week, Amazon’s stock market value reached $900 billion for the first time. That puts it within spitting distance of the Cupertino tech giant’s current $935 billion. In 2018, Apple’s shares have risen 12 percent, while Amazon’s have shot up dramatically to the tune of 57 percent.