Amazon is the latest technology titan to claim the crown of world’s most valuable public company – the outfit is worth $797 billion and beats surpasses Microsoft with $784 billion in value.
Apple, which had been part of a close three-way race for the seat, is now down to about $702 billion in market value after plunging last week on the news of its weak iPhone sales. Google parent company Alphabet has surpassed Apple with a market value of about $748 billion.
The repositioning has been triggered by mounting concerns that the Trump administration’s trade war with China and rising interest rates will bog down the worldwide economy.
If that were to happen, it’s likely to slow the growth of companies in technology and other industries that generate a substantial chunk of their revenue outside the US.
Amazon remains 21 percent below its high reached in September when the company’s stock value stood above $1 trillion.
