Amazon has recently surpassed Google parent company Alphabet as the second most valuable company in the world. The only company which is above Alphabet is the California based multi-tech company Apple.
On Tuesday, the online business powerhouse gained 2.7 percent, pushing its stock market value up to $768 billion while Alphabet dipped 0.4 percent and is currently valued at $762.5 billion.
Amazon’s performance has dwarfed U.S. tech mega-caps rallies during the previous year, with its stock climbing 85 percent in over the past year, including the 35 percent increase in the beginning of 2018.
Investors have been diverting their focus into Amazon, predicting that the company’s ever expanding and highly profitable cloud computing business would offer the necessary capital for investments in physicals stores, original content and the maintained data centers and warehouses.
In other news, Facebook’s dip has pulled down the social network’s market value under Berkshire Hathaway. As of now, Facebook is the seventh world’s most valuable company. As of Tuesday, Facebook shares fell as much as 5 percent following its decline of 8 percent on Monday.
The company under CEO Mark Zuckerberg has suffered losses of over 9 percent of its market capitalization during the past two days following the reports that Cambridge Analytica had misused data which is connected to 50 million Facebook users. UK officials are also looking into the matter of the alleged mishandling of data.
Microsoft is currently the fourth largest company by market cap which is followed by Tencent of China.