Apple, the favorite tech company, took the lead in becoming the first technology company to cross the market value of 1 trillion dollars. But the dark horse, Amazon, had quickly gained speed and overtook Apple recently. There was also a marked performance in August, with its share price rising by $235.27 and a market value of more than $110 billion.
On the last trading day of August, the US stock market closed on August 31, Amazon’s stock price was $2012.71, up to $10.33 from the previous trading day’s closing price of $2002.38, or 0.52%.
On the last trading day of July, Amazon’s stock has reportedly closed at $1777.44, and while the last trading day of August saw the stock to close at $2012.71, which indicated an increase by $235.27, or 11.7%.
Amazon’s stock price increased by $235.27 in August, and it’s market value will naturally rise accordingly. Amazon’s market capitalization was $981.682 billion, based on the price at the close of last Friday, 31st August, the last day of August. Amazon’s market capitalization has already seen a rise in by $114.75 billion in the past August, basking our calculations on the retailer’s current 4.8774 billion shares.
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“I think Amazon is firing on all cylinders,” Bill Baruch, president of Blue Line Futures, told CNBC’s “Trading Nation” in July. Amazon’s outperformance in its Web Services and Prime business segments has surprised and overwhelmed the Tech industry.
At the close of the US stock market on the last working day of August, the market value of the famous electric car manufacturer Tesla was 51.461 billion US dollars while the Amazon market value increased in August by more than twice the market value of Tesla.