Amazon has overtaken Microsoft as the most valuable publicly traded firm in the US.
The world’s largest online retailer ended trading on Monday with a market value of $797 billion (£624 billion), nudging Microsoft into second place with $783 billion (£613 billion).
According to CNBC, Apple’s market value is now down to $702 billion (£549 billion) putting it in third place. Its value plunged last week after reports of weak iPhone sales.
Amazon’s stock rose 3.5 percent on Monday valuing each share at $1,629.51 (£1,276).
Microsoft’s share price rose one percent to $102.06 (£79.92) per share.
It’s thought that Amazon’s estimated share price could rise even further.
Pivotal Research Group’s Brian Wieser estimated that it could rise to $1,920 (£1,503), putting the company’s valuation close to $1tn, according to the Telegraph.
He said: “Despite its current massive size, we see Amazon's opportunities as mostly unconstrained based on a successful track record of capitalising on consumer and IT department spending.”
Amazon announced last week that over 100 million Alexa devices have been sold around the world.
It also revealed that over the festive period, it had been selling out of its smart speakers that feature the voice assistant.
