Illustration: Rebecca Zisser/Axios

What's worth more — a company that sells $250 billion of stuff every year at a profit margin of 22%, or a company that sells $200 billion of stuff every year at a profit margin of 3%?

The answer: It's surprisingly close. Both Apple and Amazon now have a stock-market valuation of $1 trillion. The Apple valuation makes a lot of sense: If anything, the iPhone maker is undervalued by the standards of the stock market as a whole. But Amazon is another story entirely: each dollar of profit it makes is valued by the market at an eye-popping $208.

The bottom line: It's almost impossible to justify a $1 trillion valuation if you're trying to get there the old-fashioned way, by looking at the present value of future cashflows. And it's certainly impossible to justify it by looking at Amazon's takeover value, since no one on earth is big enough to buy it.

What's next? The $1 trillion milestone is a real one, and now that Amazon has broken it, the sky's the limit for its stock, which Morgan Stanley sees rising another 25% to $2,500 per share. In today's winner-takes-all economy, big companies can grow faster than startups, and valuations are merely psychological obstacles on the road to ever-higher share prices. Never mind the cashflows, just look at all the wealth being created.

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Disney announces partnership and documentary series with Colin Kaepernick

Photo: Carmen Mandato/Getty Images.

The Walt Disney Company announced Monday that ESPN Films will produce an exclusive docuseries on political activist and former NFL player Colin Kaepernick as part of a larger deal with Kaepernick’s production arm RA Vision Media.

Driving the news: Former ESPN personality Jemele Hill tweeted that she'll be serving as a producer on the docuseries, after leaving the network two years ago following a dramatic falling out in 2018. At the time, Hill's outspoken tweets about President Trump put the network in the crosshairs of a polarizing debate over race and politics.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

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  2. U.S.: Total confirmed cases as of 12 p.m. ET: 2,897,613 — Total deaths: 129,953 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. Public health: Case growth outpacing testing in hotspots — Medical community urges public to wear masks.
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Court orders temporary shutdown of Dakota Access Pipeline

Protesters against the Dakota Access Pipeline in San Francisco in 2017. Photo: Joel Angel Juarez/Anadolu Agency/Getty Images

A federal judge ordered Monday the shutdown of the Dakota Access Pipeline — a project at the heart of battles over oil-and-gas infrastructure — while the U.S. Army Corps of Engineers conducts a new environmental analysis.

Why it matters: The latest twist in the years-long fight over the pipeline is a defeat for the White House agenda of advancing fossil fuel projects and a win for Native Americans and environmentalists who oppose the project