Back in April 2020, Amazon's (NASDAQ: AMZN) market cap briefly eclipsed Apple's (NASDAQ: AAPL). At the time, both tech giants were worth about $1.2 trillion. But today Amazon is still worth $1.2 trillion, while Apple's market cap has roughly doubled to $2.4 trillion. Let's see why Apple pulled so far ahead of Amazon -- and if Amazon can catch up again by 2025.

In early 2020, Amazon seemed like a more appealing investment than Apple. Amazon's e-commerce and cloud businesses were both well-poised to grow throughout the pandemic as brick-and-mortar stores shut down, consumers stayed at home, and people accessed more cloud-based services and apps.

In 2020, Amazon's revenue rose 38% to $386.1 billion, its net income increased 84% to $21.3 billion (even as it racked up billions of dollars in COVID-related expenses), and its earnings per share (EPS) grew 82%. The bullish thesis was simple: Amazon's e-commerce business would continue to expand as it locked in more shoppers with Prime, while the growth of its higher-margin Amazon Web Services (AWS) cloud platform would subsidize the growth of its lower-margin retail businesses.

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Source Fool.com