Amazon is now worth half a trillion dollars as market cap surges past $500bn ahead of earnings

 
Lynsey Barber
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Kerching: Amazon is now worth over $500bn (Source: Getty)

Amazon is now worth half a trillion dollars... yep, that's trillion with a T and an R.

The retail and technology giant's market cap shot above the mark ahead of earnings due on Thursday and as stocks across the board on Wall Street were swept higher.

Read more: Jeff Bezos is tantalisingly close to becoming the world's richest man

Amazon's share price was up more than one per cent as the Dow, S&P and Nasdaq all clocked up fresh record intraday highs thanks to several positive earnings reports from US firms.

It joins just a small elite of US companies worth such an eye watering figure: Apple, Alphabet and Microsoft.

Analysts earlier this week were confident Amazon can continue in its bid for world domination. Benjamin Schachter at Macquarie said it "will be the most valuable company on the planet one day" in a note to clients on Monday, and upped its price target to $1,130 from $1,060.

Read more: In pictures: A first glimpse inside Amazon's new London HQ

It might have some way to go yet, with Apple and Google tussling it out in recent months for the world's most valuable company crown. Currently, Apple is ahead with a market cap of nearly $800bn.

An upward trajectory for Amazon is expected to pay off for founder Jeff Bezos. He's just a couple of billion dollars shy of overtaking Microsoft's Bill Gates to become the richest man in the world.