Shares rose as much as 0.5 percent in morning trade, which pushed Amazon’s market capitalization past $1 trillion. The company’s valuation hovered just below the mark as of 1 p.m. ET.
Amazon shares have risen for eight consecutive trading sessions, representing their longest positive stretch since July 17, 2018, according to data from Dow Jones Market Group. The company’s stock is on track to close at its highest level since September 2018.
Amazon shares are up more than 30 percent so far this year. The company’s current record high close of $2,039.51 occurred on Sept. 4, 2018.
Microsoft, Apple and Amazon have jockeyed to become the U.S.’s most valuable company by market capitalization in recent months. Microsoft currently holds the title, with a valuation of approximately $1.06 trillion as of Thursday afternoon. Apple has a valuation of approximately $936 billion, after surpassing the $1 trillion mark late last year.