Apple has long been expected to be the first company to achieve a trillion dollars market cap. However, recent developments may soon prove this prediction wrong as Amazon gains ground over the iPhone maker.
According to reports, Amazon.com has reached, for the first time, its stock market value of $900 billion on Wednesday, threatening Apple on its wake.
The Cupertino-based tech giant still leads the race, with its value hitting $950 billion last month.
Amazon's surprising market performance was due in large to its recent announcement that the company had sold over $100 million worth of products during its annual Prime Day sale. This helped its stock to climb a whopping 57 percent in 2018.
Given this rate, the e-commerce magnate has actually increased its value 123,000 percent over since the company was listed on Nasdaq in 1997.
Huge luck for those who invested on Amazon during that year, a hundred shares for $1,800 would now earn an investor $2.2 million.
Amazon's Prime Day is a three-day global shopping event happening yearly. This year 2018, Amazon reported the highest Prime Day sale, breaking its previous record in 2017.
Nearly all products listed on the retail website goes on sale, with some for up to 90 percent off. The most popular items this year are the Instant Pot 6 Qt. 7-in-1 Multi Use, 23 and Me DNA Tests and LifeStraw Personal Water Filters, according to this report.
Meanwhile, their propriety products like Fire TV Stick and the Echo Dot also sold like hotcakes during the sale event.
On Monday, July 16, the company reported a terminal crash. According to CNBC, Amazon's preparation for Prime Day sale wasn't enough to handle the huge volume of traffic pouring into their site.
The error took place merely 15 minutes after the launch.
The internal documents acquired by the news outlet revealed that the system Amazon has been using for computation called Sable suffered a "series of glitches," affecting other services linked to it.
"More people came in than Amazon could handle," Matthew Caesar, a computer scientist from University of Illinois and co-founder of Veriflow - a cybersecurity firm, confirmed to CNBC.
Amazon CEO, Jeff Wilke, meanwhile, affirmed that the company's tech teams are already working to improve the site's architecture.
The outage, which reportedly lasted for hours, wasn't enough to affect the overall sales performance that Prime Day has this year. In fact, as already emphasized in this report, it catapulted Amazon to get its stock to the record high.
