Amazon briefly tops $1T market cap, joining Apple among most valuable U.S. public companies

Amazon became the second publicly traded U.S. company with a market cap of $1 trillion Tuesday, briefly passing the threshold in early trading.

Amazon joins Apple in the exclusive club of $1 trillion companies. Amazon hit the milestone when its stock rose to $2,050.50 this morning, before dropping slightly and bringing the tech giant’s market cap back down to the high $900 billions.

The market cap milestone represents another financial feather in the cap for Amazon. The tech giant’s value has surged as its stock continues to rise, crossing $2,000 a share for the first time last week.

A recent analyst report suggests Wall Street sees even greater potential in Amazon. Last month Stanford, Conn. research firm MKM Partners predicted Amazon’s market cap will reach $2.5 trillion by 2024, powered by its leading cloud computing business, as well as a surge in its retail market share

Another factor that could boost Amazon in the eyes of investors is its burgeoning advertising business. Amazon surprised Wall Street recently when it revealed that advertising has become a “multi-billion dollar business” for the tech giant.

Amazon’s newest political rival, U.S. Sen. Bernie Sanders chimed in on the news. Sanders has been targeting the tech giant over pay and conditions for the e-commerce company’s warehouse workers, and Amazon has called his statements “inaccurate and misleading.”