Amazon Briefly Hits a $1 Trillion Market Cap

It was a day of celebration for Amazon and its CEO Jeff Bezos, as the e-commerce giant made it to the $1 trillion mark on Tuesday in market value.

Just five weeks after Apple crossed the $1 trillion mark, so did Amazon, but it wasn’t long lived.

Amazon shares saw a gain of 1.9 percent on Tuesday, hitting a high of $2,050.50. The stock needed a price of $2,050.27 to reach the $1 trillion mark, according to an outstanding count of 487,741,189 shares in the company’s most recent quarterly report in July.

By the time the market closed, Amazon shares were down to $2,039.51 with a market value of under $1 trillion again.

“They have given investors confidence that they can go and disrupt markets just like they’ve done with retail,” said Loup Ventures’ Gene Munster to CNBC’s “Squawk Alley.”

“Yes, Amazon did really well in online retail, but then the stock gapped up when they showed that they could become successful in cloud,” RBC Capital Markets analyst Mark Mahaney remarked to CNBC. “It’s almost like the ticker changed from AMZN to AWS.”

Even with the closing price on Tuesday taking the stock back down under $1 trillion, Amazon has still seen seven days of gains in a row.

Morgan Stanley recently raised its price target on the stock to $2,500, which would make Amazon worth $1.2 trillion.

Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) have not been compensated for this article.