The search giant has been plowing excess cash into share buybacks for years.
Amazon had more than $86 billion in cash at the end of 2023.
Efforts by the Facebook parent to slash costs helped propel its stock 340% from a 2022 low.
Apple's lack of growth and the high cost of its stock are gaining the attention of investors.
The stock is being hurt by an industrywide slump that has sapped demand for phones, computers and tablets.
Much of the company's 50% rally this year has been fueled by investor excitement over AI.
Apple's possible milestone underscores the dominance of tech megacaps in the broader stock market this year.
Nvidia is the biggest maker of the kinds of specialized chips that power a new generation of AI products.
The Google owner offers the strong cash flow and growth characteristics sought by investors.
Microsoft rose as much as 3.4% to $276.76 early Wednesday.
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