Amazon passed Google parent Alphabet in market value, and now only Apple is worth more based on that measure.
Amazon ended the day with a market value of $766.5 billion versus $761 billion for Alphabet. The milestone underscores Amazon’s rise as a tech giant, expanding well beyond its core e-commerce business into cloud computing, artificial intelligence, consumer devices, entertainment, package delivery and many other areas.
Amazon has gained $60 billion in market value in just over a month. In February, Amazon passed Microsoft to become the third most valuable company in the world by that measure.
Amazon’s soaring stock helped the company pass Alphabet. Amazon shares have risen 33 percent since the beginning of the year, passing $1,500 for the first time last month. In the same time frame, Alphabet stock has risen only about 2 percent.
Amazon has a ways to go in its climb toward the title of most valuable company. Apple finished the day with a market value of $889 billion.