Amazon passes Alphabet, is now the 2nd-most valuable company

Amazon is now the world's second most valuable company, surpassing Alphabet, the parent company to Google, and falls just behind Apple who leads the list, CNBC reports.

Why it matters: Amazon has gained the interest of investors who foresee the company's expansion and cloud computing business as a drive of revenue to build more data centers, warehouses, and physical stores along with original content. The online giant climbed to 2.4% raising its stock market value to $766.3 billion. Alphabet dropped 0.5% decreasing it value to $762.7 billion, per CNBC.