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Apple was the first public company to reach such a valuation last month.

Amazon became the second big USA company to hit $1 trillion in stock market value in the latest demonstration of the rising clout of American technology heavyweights. Apple's valuation has risen to $1.1 trillion since it first passed the threshold.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores.

According to a report in CBS News, Amazon shares hit $2,050.49 - climbing 1.5 per cent in the morning trade - bringing the company's market value above $1 trillion.

Amazon just became the second member of the trillion-dollar club. The giant online retailer and Web services company has been consistently profitable since 2015.

Amazon - founded as an online book-retailer in Chief Executive Jeff Bezos' garage in 1994 - started trading on May 15, 1997 at $1.50 on a split-adjusted basis.

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Amazon must also guard against the kind of arrogance that can undo companies that come to dominate markets, according to the analyst. It has held above that level since October 27, 2017.

Amazon reported almost $US53b in sales in the three months ended in June, with record quarterly profit of $US2.5b.

Amazon's shares are up 75 percent from the beginning of the year.

Amazon now trades up 74.0 per cent for the year to date.

Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.