Friday, 23 August 2019

Apple, Amazon lead the pack to $1 trillion market value

NEW YORK: For a long time, Apple appeared to be flying solo to a $1 trillion market value, but Amazon is right at its heels – and experts have no fears of a tech bubble.

Apple, at $939 billion, remains the highest-valued private company on the global markets – and could well cross the $1 trillion finish line after it releases its quarterly results Tuesday.

But Amazon is right behind: on Friday, its market cap reached $917 billion, before finishing at $882 billion, thanks to quarterly figures well received by investors.

Google’s parent company Alphabet ($886 billion) and Microsoft ($827 billion) are also on track, while Facebook ($505 billion) is out of the race, having shed $119 billion in value after results released Thursday.

The biggest traditional economic players – billionaire Warren Buffet’s holding company Berkshire-Hathaway ($492 billion) and bank JP Morgan Chase ($395 billion) — have been relegated to mere spectators.

State oil company PetroChina briefly broke the $1 trillion barrier in 2007 during its initial public offering but has since dropped back down.

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