Amazon Overtook Google’s Parent Company Alphabet To Become The 2nd Richest Company In The World

949

Amazon has done the almost unthinkable and bypassed Google’s parent company Alphabet on the list of the world’s most valuable companies.

The E-commerce giant’s stock got a rise of 2.7% showing a rise of value to $768 Billion even as alphabet fell 0.4 percent to 762.5 Billion. However, apple is still the king with a market cap of $889. Billion.

This year US tech corporations have grown impressively large, but over the past year amazon has been managing to outshine them all with the stock growing 85%. Out of this 35% was just risen in 2018.

Part of Alphabet’s drop could be attributed to consumer distrust over how big tech companies are handling their personal data, fallout from the ongoing Facebook and Cambridge Analytical Fiasco. Facebook and Google both of them have a major stake in online advertising, and in the past Google has also faced criticism over racist ads on its video platform YouTube, not to mention public’s fears of user data being too pervasive. In the meantime Amazon has been slowly growing as more shopping continues to grow online.

In the meantime Amazon has been slowly growing as more shopping continuously moves online, and business shifting operations to the cloud and Amazon Web Services. At this point, experts believe Amazon may also have a chance at dislodging Apple from the top spot, just like it did to Microsoft for third place previously in February.

In fact, if Amazon’s stock keeps increasing likewise it has over the past year, they say its market capitalization will hit $1 Trillion by the end of August.