Amazon CEO Andy Jassy.


Amazon shares climbed more than 3% in intraday trading on Wednesday, pushing the company’s market cap past $2 trillion for the first time.

In crossing the milestone, Amazon joins Nvidia, Apple, Alphabet and Microsoft, all of which are worth $2 trillion or more. Investors have piled into tech stocks recently as excitement around generative artificial intelligence has reached a fever pitch. Nvidia, which makes graphics processors for the servers that power large AI models, has been one of the biggest beneficiaries, with its market value soaring from $2 trillion to $3 trillion in just over 3 months.

Shares of Amazon have surged roughly 26% so far this year, while the tech-heavy Nasdaq has risen about 18% over the same period.

In April, the company reported first-quarter earnings that showed its Amazon Web Services business was continuing to rebound from a recent slowdown caused by businesses who trimmed their cloud spend. Amazon executives also spoke at length about how AWS can benefit from a surge in demand for generative AI services.

Investors have also cheered the company’s recent cost-cutting initiatives, which fueled Amazon’s earnings growth in recent quarters. Amazon CEO Andy Jassy has been on a multi-year quest to reign in the company’s spending, including widespread layoffs that have affected more than 27,000 Amazon employees.

It took Amazon more than four years to cross the $2 trillion milestone. Its market cap reached $1 trillion in 2020, the second time in its history after hitting the benchmark for the first time in 2018.

Read More: World News | Entertainment News | Celeb News

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Melinda French Gates endorses Joe Biden for president

Melinda French Gates arrives at Elysee Palace for the Generation Equality Forum…

Trump says he would testify in upcoming hush money trial

Republican presidential candidate former President Donald Trump and Speaker of the House…

Mark Zuckerberg indicates Meta is spending billions of dollars on Nvidia AI chips

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event…

Inflation is slowing. Here’s why prices still aren’t going down

Jenn Lueke, 27, is a recipe developer based in Boston who creates…