Apple is currently the most valuable publicly listed company in the world, with a value of over $800 billion, according to Reuters.
However, there’s another contender that’s showing all the signs it’s ready to push Apple aside in its race to the $1 trillion mark.
Wall Street expectations for the iPhone X last year pushed Apple’s stock 24 percent higher these past 12 months, up to a current market capitalization of $893 billion. However, Amazon Inc, is sitting close by in third place at $752 billion and is quickly narrowing the gap to close in on Apple.
Over just the past year, Amazon’s stock has soared 83 percent thanks to blisteringly fast revenue growth from its cloud. This is thanks to all the shopping and businesses shifting their operations to the cloud, the Amazon Web Services cloud to be specific. The company had previously already taken over the third place slot from Microsoft last month.
Now, it’s next rival is Google Parent company Alphabet Inc in second place with a $783 billion market cap. That’s not going to be a tough fight either, as it’s stock has grown 33 percent over the past year. That’s still faster than Apple’s growth, but not as fast as Amazon.
In the meantime, Apple’s temporary growth thanks to the iPhone X looks about ready to splinter. After all, the anniversary flagship hasn’t been particularly well-adopted, what with its sky-high price as well as the alternatives provided by the iPhone 8 and 8 Plus.
Of course, experts agree that this is more of probability than a certainty, after all nothing is guaranteed. We reported back in December 2016 that Microsoft was geared to overtake Apple and become the first trillion dollar company. But obviously that didn’t happen. However, barring some sort of miracle, Apple will reach the $1 trillion mark somewhere in early September. But if Amazon keeps growing the same way, it’ll hit that at least a week earlier. And Alphabet, well they won’t reach it till 2019 if their pace doesn’t increase.