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| Major tech stocks as of Sept. 4 close |
Merely a month after
Apple reached US$ 1 trillion in market value, Amazon briefly joined the coveted club, signalling the disruptive force of the Seattle-based bookseller-turned-online retailer. Founded 24 years ago in 1994 as an online storefront meant to challenge book stores, the tech giant quietly spent years building one of the most efficient supply chain operations ever known, a crucial stepping stone in its quest to global dominance as a major ecommerce platform for a wide variety of goods (groceries, pharmaceuticals and home technology, among others), digital content and other software services (Amazon Web Services, and its fast-growing
advertising arm). Even as Amazon has surged ahead of Alphabet and Microsoft to become the world's second most valuable company (interestingly Microsoft has also leapfrogged Alphabet in terms of market cap), the company's huge reach and size has led to
increased regulatory scrutiny by lawmakers who say they worry the company is becoming a monopoly (although there is no outward indication that it is using its market power to try to control purchases in a way that harms consumers - at least for now), in addition to inviting criticism for its poor working conditions at its warehouses.
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