Amazon (NASDAQ: AMZN) became a trillion-dollar company in September 2018, and its market cap hit a peak of $1.9 trillion in July 2021. But as of this writing, the e-commerce and cloud giant is only worth about $850 billion. Let's see why Amazon lost its luster, where it might be headed throughout 2023, and if it can rejoin the 12-zero club by the beginning of 2024.

Amazon's stock soared in the years leading up to 2021 as it dazzled investors with the robust growth of its online marketplace and Amazon Web Services (AWS) cloud infrastructure platform. Both businesses also fired on all cylinders during the pandemic as more people shopped online and accessed more cloud-based services.

Image source: Amazon.

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Source Fool.com