Amazon on pace to overtake Apple

Amazon reaches the trillion-dollar mark, setting a course to topple Apple's place as the world's largest publicly traded company


Amazon reached the $1 trillion mark on September 4, 2018, becoming the second publicly traded company to reach that milestone after Apple beat them to first place on August 2.

The retail and technology behemoth reached the achievement after their shares traded as high as $2,050.50 on that day, before falling slightly to $2,039 at the end of the session. This followed reports from the previous week that they had hit the $2,000 mark for the first time.

Industry analysts are now predicting that Amazon will overtake Apple in stock market valuation if it maintains its recent pace.

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Backing this position, Reuter's stated: "Apple took almost 38 years as a public company to achieve the trillion-dollar milestone, while Amazon got there in 21 years.

"While Apple's iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon's blistering sales growth," it added.

Amazon had a much humbler start to life as a platform for selling books and CDs, going public in 1997 with a share price of just $18, but it has since gone from strength to strength, cornering the online retail market and becoming a significant competitor in video streaming, among other industries. Its founder, Jeff Bezos, was recently named the world's richest man, with a net worth of more than $178bn, according to Forbes.

With the threat of being usurped by Amazon looming, many experts are floating the idea that Apple plans to purchase Tesla, who's recent struggles have been well-documented, in an attempt to dominate the self-driving car market. While Apple has not commented on the rumors, the development of its Apple Car is much-awaited and is tipped for release in 2023.

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Branching into the automotive industry would give the company scope to innovate beyond its current potential, as the competitiveness of the smartphone market threatens to stifle its growth.

However, in an interview with Fox Business Network, legendary businessman Warren Buffett said that buying Tesla "would be a very poor idea" for Apple.

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