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Amazon follows Apple as 2nd company to hit $1 trillion in market cap

For a few moments Tuesday, the e-commerce giant was a trillion-dollar company.

Amazon Unveils Its First Smartphone founder and CEO Jeff Bezos.

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For a short while Tuesday, Amazon joined Apple and hit a $1 trillion valuation.

The e-commerce giant's stock rose to a high of $2,050.50 on Tuesday morning. It needed to reach $2,050.27 to cross the trillion-dollar threshold, based on the count of 487,741,189 shares from Amazon's most recent quarterly report in July.  

Amazon is the second US company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business.

Amazon didn't stick around that level for long. The company recently traded at $2,024.64, up 0.6 percent from the previous trading session but below the $1 trillion mark, according to Yahoo Finance.

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Apple became a trillion-dollar company in early August, hitting $207.05 a share. It was the first US company to make that mark, and the second public company reached a trillion in the world. PetroChina, an oil and gas company, hit $1 trillion for a short time on the Shanghai Stock Exchange in 2007. On Tuesday, Apple's market cap hovered around $1.1 trillion.

Amazon declined to comment.