Analysts are reporting that retail giant Amazon managed to score a $1 trillion valuation on the stock market on Tuesday, August 4, making it the second publicly traded US company to do so following tech giant Apple.

Over $2000 per share

According to a report by CNBC, Amazon shares rose to two percent which equated to $2,050.50 per share during morning stock market trades. The immense rise in value is attributed to a total count of 487,741,189 shares in the e-commerce company's latest quarterly report back in July.

Growing ventures and great acquisitions

Loup Ventures analyst Gene Munster (who broke the story to CNBC) said that Amazon's ever-diversifying portfolio led to the skyrocketing value. This accounts for Amazon's encroachment into new markets. Last year, the company successfully broke into the grocery industry by acquiring Whole Foods. "They have given investors confidence that they can go and disrupt markets just like they've done with retail," Munster said to CNBC's "Squawk Alley" following the Amazon milestone on Tuesday, August 4.

Along with successful ventures, Amazon also experienced major growth in its web services during the second quarter. RBC Capital Markets analyst Mark Mahaney reported to CNBC that Amazon Web Services had successfully grown almost 50 percent during that period and are becoming quite successful with cloud computing.

Beaten to the punch

Amazon's latest stock valuation is an amazing milestone but is overshadowed by another company that had already beaten it to the punch. Last month, Apple achieved a $1 trillion valuation on the stock market, which was also reported by CNBC at the time. According to the report, the tech company saw its shares rise by three percent -- which was attributed to 4,829,926,000 shares in total.

However, at the time of reporting the feat achieved by Apple, analysts predicted that Amazon would soon join Apple and become the second publicly traded US company to reach the milestone. The period between both companies reaching the milestone spanned a mere five weeks.

What's next

As a company that continues to grow in the market, Amazon is currently pursuing new investments to grow some of its services in the long term. Currently, the company is in talks with movie studios to produce exclusive movies for its streaming service. The move could make the service more competitive in the streaming market.