Although Apple was considered the favourite to breach $1 trillion market capitalisation, Amazon touching $900 million in valuation has narrowed the gap between the two tech giants, CNBC has reported.

Amazon breached the $900 million mark after it reported that it sold more than 100 million products on Prime Day. Since the beginning of the year, Apple’s shares have increased by 13 per cent while Amazon’s shares have risen by around 58 per cent.

Some analysts are bullish on Amazon as it has outperformed in its web services and Prime membership businesses. As Prime Day is only limited to its prime members, Amazon has reported that it had more prime membership subscriptions on the Prime Day than any other day.

Market analysts are closely observing the two companies. Amazon is scheduled to announce its earnings on 26 July and Apple will be announcing it on 31 July. The future movements of their share prices may depend on these upcoming announcements.

Some analysts are now predicting that Amazon may breach the mark first due its stronger narrative. Presently, Apple has a market capitalisation of $936 billion. Its shares have to increase by at least 7 per cent to breach the $1 trillion mark. On the other hand, Amazon’s shares will have to go up by at least 11.8 per cent to achieve the $1 trillion market cap.