Amazon crossed the $2 trillion market cap during intraday trading on Wednesday, joining tech giants like Nvidia, Apple, Alphabet, and Microsoft, with its shares surging 27.5% year-to-date
On Wednesday, Amazon’s market capitalization exceeded $2 trillion for the first time, as shares closed at $193.61, up 3.9%.
Amazon has achieved the milestone, joining the ranks of Apple, Alphabet, Microsoft, Nvidia, and others, all of which are valued at $2 trillion or more.
Recently, investors have been investing in technology equities as the excitement surrounding generative artificial intelligence has reached a fever pitch.
In just over three months, Nvidia’s market value has increased from $2 trillion to $3 trillion, as it manufactures graphics processors for the servers that power large AI models.
Amazon’s shares have increased by 27.5% thus far this year, while the Nasdaq, which is dominated by technology, has increased by approximately 18% during the same period.
The company’s Amazon Web Services business continued to rebound from a recent decline caused by businesses that reduced their cloud spend in April, as the company reported first-quarter earnings.
The executives of Amazon also discussed in detail how AWS can capitalize on the increase in demand for generative AI services.
The company’s recent cost-cutting initiatives have also been well-received by investors, as they have contributed to Amazon’s earnings growth in recent quarters.
Andy Jassy, the CEO of Amazon, has been engaged in a multiyear endeavor to reduce the company’s expenditures, which has resulted in the termination of over 27,000 Amazon employees.
Amazon required more than four years to surpass the $2 trillion threshold. In 2020, its market capitalization exceeded $1 trillion for the second time in its history, following its initial achievement of this milestone in 2018.
During the Lampu festival in Bali, inspired by Burning Man, Web3 was put to practical…
Emomotimi Agama, Director-General of Nigeria's SEC, signals a potential shift in the government's strict stance…
200 million users are currently engaged in Hamster Kombat; the game poses enthralling inquiries regarding…
Over the past few years, Ethereum's gas consumption by NFTs has undergone substantial changes, primarily…
The U.S. Securities and Exchange Commission (SEC) lawsuit against Binance and its co-founder Changpeng Zhao…
Coinbase, the largest cryptocurrency exchange in the United States, has announced its intention to include…