Amazon's market capitalization has soared past $2 trillion for the first time, joining the ranks of tech giants Nvidia, Apple, Alphabet and Microsoft. That milestone was reached on Wednesday, with Amazon shares rising more than 3% in intraday trading. The recent surge in tech stocks, fueled by growing enthusiasm around generative artificial intelligence, has seen investors flock to these companies. Nvidia, a company that produces graphics processors for AI models, has seen its market value soar from $2 trillion to $3 trillion in just over three months.
Amazon's stock has also seen a significant rise, rising about 26% this year. By comparison, the tech-heavy Nasdaq is up 18% over the same period. Amazon's first-quarter earnings report in April showed that its Amazon Web Services (AWS) business was recovering from a recent slowdown caused by companies reducing their cloud spending.
Company executives have highlighted how AWS can take advantage of growing demand for generative AI services. Investors have also welcomed Amazon's recent cost-cutting measures, which have contributed significantly to the company's earnings growth in recent quarters. Amazon CEO Andy Jassy has been working tirelessly to rein in the company's spending, a move that has led to layoffs affecting more than 27,000 Amazon employees.
Amazon has taken more than four years to reach the $2 trillion milestone. The company's market capitalization reached $1 trillion for the first time in 2020, the second time it has reached this benchmark after first reaching it in 2018. This latest milestone is a testament to the growth and Amazon's continued dominance of the tech industry.
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