Amazon, Apple race to $1 trillion market cap

Apple is about 8 percent away from a $1 trillion valuation, and Amazon is following right behind, according to The Street.

Here are four things to know.

1. Apple's market cap is currently about $927 billion, while Amazon's is $773 billion.

2. Although Wall Street's optimism about the 10th anniversary iPhone pushed Apple's stock 24 percent higher over the past year, Amazon's stock has surged 83 percent during the same period.

3. If Amazon's stock continues to rise at the same pace seen over the past year, its market cap would reach $1 trillion in late August. Apple's market cap would hit $1 trillion about one week later if its stock were to keep rising at the same trajectory seen over the past year, according to Reuters.

4. Amazon became the third largest U.S. company by market capitalization in February. Microsoft previously held that position, according Reuters.

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