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.