Amazon Joins Apple With Trillion-Dollar Market Value

Following in Apple's footsteps, e-commerce giant Amazon became the second publicly-traded U.S.-based company to hit $1 trillion on Tuesday.

Amazon's Tuesday morning stock price rose nearly 2 percent to $2,050.27 which was enough to push Amazon past a valuation of $1 trillion. The stock needed to hit $2,050.27 to reach the $1 trillion mark, based on an outstanding share count of 487,741,189 shares, according to the company's Q2 2018 financial report in July.

Amazon has its strong e-commerce business, as well as its dominant cloud unit, Amazon Web Services (AWS), to thank for its trillion-dollar valuation.

[Related: AWS Powers Amazon's Surging Market Cap, Now At $702.5 Billion]

In fact, AWS CEO Andy Jassy in May said that Amazon's cloud business could someday outpace the company's retail business.

"I think it's possible, in the fullness of time, that we could be the biggest business within Amazon," Jassy said in an interview.

Tech heavyweight Apple was the first to cross the $1 trillion line on August 2 when the company reported a strong Q3 2018 at the end of July. Amazon reached the same milestone five weeks later.

Amazon's stock price was up around 1.3 percent to $2,037.70 per share early Tuesday afternoon.