Amazon\u00a0shares climbed more than 3% in intraday trading on Wednesday, pushing the company\u2019s market cap past $2 trillion for the first time.<\/p>\n
In crossing the milestone, Amazon join 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\u00a0$2 trillion\u00a0to\u00a0$3 trillion\u00a0in just over 3 months.<\/p>\n
Shares of Amazon have surged roughly 26% so far this year, while the tech-heavy\u00a0Nasdaq\u00a0has risen about 18% over the same period.<\/p>\n
In April, the company\u00a0reported\u00a0first-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.<\/p>\n
Investors have also cheered the company\u2019s recent cost-cutting initiatives, which fueled Amazon\u2019s earnings growth in recent quarters. Amazon CEO Andy Jassy has been on a multi-year quest to reign in the company\u2019s spending, including widespread layoffs that have affected more than 27,000 Amazon employees.<\/p>\n
It took Amazon more than four years to cross the $2 trillion milestone. Its market cap\u00a0reached\u00a0$1 trillion in 2020, the second time in its history after hitting the benchmark for the first time\u00a0in 2018.<\/p>\n<\/p>\n
Amazon\u00a0shares climbed more than 3% in intraday trading on Wednesday, pushing the company\u2019s market cap past $2 trillion for the first time. In crossing the milestone, Amazon join 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 […]<\/p>\n","protected":false},"author":0,"featured_media":5592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=5591"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/5592"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=5591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=5591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=5591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}