Amazon leapfrogs Alphabet to become second most valuable US company

Amazon leapfrogs Alphabet to become second most valuable US company

Amazon has surged past Alphabet to become the second most valuable company operating in the US, handing it bragging rights over fellow tech giant Google.

Boosted by aggressive expansion into cloud computing, AI and groceries, Amazon has been steadily building a rapport with investors drawn to its gung-ho growth. Google, on the other hand, has also been enveloped around wider negative sentiment surrounding the fallout from a Facebook data breach, which has raised the prospect of tighter regulation.

This translated into a market capitalization of $768bn for Amazon following a rise of 2.69% while Alphabet declined 0.39% to reach $762bn. Over the past year Amazon’s stock has risen by 81% driven by a stratospheric growth in revenues as consumers migrate to cloud computing services, an Amazon specialty.

Amazon overtook Microsoft as recently as February and is now being spoken of as a future challenger to Apple, which remains safely ensconced at the top of the tree for now with a market capitalization of $889bn.

The April edition of The Drum magazine is devoted in its entirety to Amazon as we explore its growing allure among advertisers and the threat this poses to rivals.

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