Amazons Market Cap Surges to 2 Trillion for the First Time A Historic Milestone Achieved

Amazon’s CEO, Andy Jassy, has caught the attention of AMZN, CREATE FREE ACCOUNT. CNBC reported that Amazon’s stock price rose over 3% during Wednesday’s trading, pushing the company’s market value above $2 trillion for the first time. By reaching this milestone, Amazon joins the ranks of Nvidia, Apple, Alphabet, and Microsoft, all of which have a market value of $2 trillion or more. With excitement surrounding the development of artificial intelligence reaching a fever pitch, investors have flocked to tech stocks recently. Nvidia, which produces graphics processing units that power large AI models, has been one of the biggest beneficiaries, with its market value skyrocketing from $2 trillion to $3 trillion in just over three months. So far this year, Amazon’s stock price has risen by approximately 26%, while the tech-heavy Nasdaq has risen by about 18% during the same period. In April, the company’s first-quarter earnings revealed that its Amazon Web Services business continues to rebound from a recent slowdown caused by reduced cloud spending by businesses. Amazon executives also discussed in detail how AWS has benefited from the increased demand for generative AI services. Investors have also cheered the company’s recent cost-cutting measures, which have driven profit growth over the past few quarters. Amazon CEO Andy Jassy has been working for years to control the company’s expenses, including a large-scale layoff that affected over 27,000 Amazon employees. It took Amazon over four years to cross the $2 trillion milestone. The company reached a market value of $1 trillion in 2020, marking its second time achieving this milestone after initially reaching it in 2018.