Amazon Vaults Ahead of Alphabet in Market Value
- E-commerce giant becomes second-most valuable behind Apple
- Bezos’s company has surged on optimism about new markets
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Amazon.com Inc. vaulted ahead of internet rival Alphabet Inc. in market value for the first time, a sign of growing investor optimism about the prospects for the world’s largest online retailer as it reaches into new markets such as groceries, health insurance and consumer devices.
Shares of the Seattle-based e-commerce giant rose 2.7 percent at the close in New York on Tuesday, giving it a market capitalization of $768 billion. That made it the world’s second-most valuable publicly traded company behind Apple Inc. Google parent Alphabet was little changed, putting its value at $762.6 billion.