Amazon 2nd most valuable US-listed Company now tops Google owner Alphabet.Inc
Amazon 2nd most valuable US-listed Company now tops Google owner Alphabet IncREUTERS/Joshua Roberts

American e-commerce giant on Tuesday overtook Google parent company Alphabet Inc in market value to become the world's second-most valuable company in the United States.

At present, tech major Apple is the most-valued company.

Amazon shares finished up 2.7 percent at $1,586.51, for a market capitalization of $768 billion, Alphabet Inc. lost 0.39 percent putting its value at $762.6 billion on Tuesday, reports Bloomberg.

Amazon surpassed Alphabet Inc. backed by its growing and profitable cloud computing business, groceries, physical stores and new data centers and warehouses.

"Every opportunity the company is going after is a $500 million to a $1 billion market," Bloomberg quoted James Cakmak, an analyst at Monness Crespi Hardt & Co, as saying. And each market Amazon is pursuing is a distinctive one -- something that has eluded Apple and Google, which are both heavily reliant on a single business for their sales. "At the end of the day, they're a one-trick pony," he added.

After the news about Cambridge Analytica allegedly misusing private information of more than 50 million Facebook profiles, Facebook's market value dropped below Berkshire Hathaway. Shares of the world's largest social network plunged amidst reports of alleged data breaches.

Facebook is now the seventh most valuable company. Microsoft is the fourth biggest company by market cap, followed by Chinese company Tencent.

Earlier this month, Amazon CEO Jeff Bezos became the world's richest man, according to Forbes magazine's Annual World's Billionaires List 2018.

Bezos's wealth as on March 6, 2018, is $ 112 billion. He topped the world billionaires list 2018 by bumping Bill Gates and investor Warren Buffet.