Amazon Reaches $1 Trillion Valuation

Dennis Van Tine/MediaPunch/IPX
Jeff Bezos at the premiere of 'The Post' on Dec. 14, 2017, in Washington, DC. 

Amazon.com briefly joined the ranks of Apple when its market capitalization hit $1 trillion in midday trading Tuesday.

The milestone valuation was short-lived, however, as shares slightly retreated from their all-time high of $2,050.50 apiece.

If Amazon can manage a close above $2,050, its market cap again rests at $1 trillion, a mark that only Apple has achieved on a closing basis thus far. 

Amazon shares could have been had for $1.50 two decades ago, when it was known as the world's largest bookstore. Since then, it has become an online retailer in every imaginable category and a streamer of entertainment, taking on Netflix, Hulu and others.

Amazon has become so valuable it should use its pricey shares to purchase an entertainment company to instantly boost its Prime Video subscription service, some analysts have said. In June, for example, Michael Nathanson of MoffettNathanson suggested Amazon should buy CBS, which was worth $19.8 billion Tuesday.

Apple, which is also in the streaming-media business, first crossed the $1 trillion threshold Aug. 2, and Friday it was up to $1.1 trillion.

For the sake of perspective, the seven major entertainment conglomerates -- Comcast, Sony, 21st Century Fox, Walt Disney, Viacom and CBS, plus AT&T (owner of WarnerMedia) -- have a combined market cap of $751 billion, meaning Wall Street thinks Amazon (and Apple) are each more valuable than those other seven companies combined.

This article was originally published by The Hollywood Reporter.