經過過去兩年出色的市場表現，亞馬遜公司股價幾乎翻了三番，達到922美元的天價，也使亞馬遜的市值達到4,398億美元，遠超競爭對手沃爾瑪（Walmart）、好市多（Costco）、塔吉特（Target）、梅西百貨（Macy’s）和科爾士百貨（Kohl’s）的總和。

最近，亞馬遜的市值達到了沃爾瑪的接近兩倍。沃爾瑪是美國規模最大的零售商，2016財年收入為4,820億美元，相比之下亞馬遜的收入為1,360億美元。據彭博社報道，沃爾瑪的市值達到2,181億美元，而好市多和塔吉特的市值分別為738億美元和296億美元。梅西百貨與科爾士百貨的市值分別為89億美元和66億美元。這五家零售商的市值加起來是3,370億美元，這意味著亞馬遜市值比這五家公司的市值總和還要多出1,000億美元。

市值上產生巨大差距的原因，可以追溯到亞馬遜最近在投資者方面取得的成功，以及競爭對手的市場衰退。自2015年以來，亞馬遜股價上漲了接近200%，但沃爾瑪和塔吉特的股價卻分別下跌了約15%和30%。最近麻煩不斷的梅西百貨，股價幾近腰斬，而科爾士百貨的股價也下跌了三分之一。在同期內，只有好市多實現了正收益，股價上漲了18%。

但盡管亞馬遜在市值方面碾壓了傳統實體店競爭對手，但值得注意的是，亞馬遜不僅僅是一家在線零售商。亞馬遜憑借強大的云計算業務和Alexa與Amazon Fire等產品，以及食品雜貨配送等業務，在科技領域占據一席之地，也使公司成為一家多元化的金融實體。

還有其他因素也加深了華爾街對亞馬遜的鐘愛，例如許多人認為亞馬遜CEO杰夫·貝佐斯是一位卓越的領袖。公司股票的出色表現，也使貝佐斯超越了沃倫巴菲特，成為全球第二大富豪。

目前，在市值方面能夠與亞馬遜比肩的，只有科技業巨頭。市值超過亞馬遜的只有蘋果（Apple）、谷歌（Google）母公司Alphabet和微軟（Microsoft），但這種情況或許很快就會改變。許多分析師認為，亞馬遜即將成為第一家市值超萬億美元的公司。（財富中文網）

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譯者：劉進龍/汪皓

After a remarkable market run over the last two years, its stock has nearly tripled in value to an astronomical $922, swelling Amazon’s market cap to $439.8 billion, which far surpasses the combined valuations of rivals Walmart, Costco, Target, Macy’s, and Kohl’s.

Amazon’s market cap nearly doubles that of Walmart, which is the largest retailer in the U.S., boasting revenue of $482 billion for fiscal 2016, compared with Amazon’s $136 billion. Walmart’s value comes out to $218.1 billion, while Costco’s is $73.8 billion and Target’s is $29.6 billion, according to Bloomberg. Macy’s and Kohl’s total $8.9 billion and $6.6 billion, respectively. The combined total for the five retailers is $337 billion, meaning Amazon eclipses them all by about $100 billion.

That disparity in values can be traced to Amazon’s recent success with investors and the market regression of its rivals. Whereas Amazon’s stock is up nearly 200% since the start of 2015, Walmart’s and Target’s are down around 15% and 30%, respectively. Macy’s, which has had a host of recent problems, has dropped by about half, while Kohl’s shares have fallen by a third. Only Costco has positive returns over the period, posting a gain of 18%.

But even though Amazon has overtaken traditional brick-and-mortar competitors by value, it’s important to note that the company is much more than just an online retailer. Amazon's stronghold in the tech world, which includes vigorous cloud computing business and products like Alexa and Amazon Fire, as well as other ventures like grocery delivery, make the company a diverse financial entity.

Other factors, such as the fact that many see Amazon CEO Jeff Bezos as a remarkable leader, have also boosted Wall Street’s current love affair with the company. The stock's remarkable run has also catapulted Bezos ahead of Warren Buffett to make him the world's second-richest person.

The only companies that can go toe to with Amazon’s market cap these days are tech giants. Only Apple, Google parent Alphabet, and Microsoft are worth more, but that could soon change. A number of analysts believe Amazon is on its way to becoming the first trillion-dollar company.