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Tech


AMAZON REACHES $2 TRILLION MARKET CAP FOR THE FIRST TIME

Published Wed, Jun 26 20241:22 PM EDTUpdated Wed, Jun 26 20246:00 PM EDT
Annie Palmer@in/annierpalmer/
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Key Points
 * Amazon crossed $2 trillion in market cap during intraday trading on
   Wednesday.
 * The company joins other tech heavyweights such as Nvidia, Apple, Alphabet and
   Microsoft, all of which have crossed a $2 trillion market capitalization.
 * Shares of Amazon have surged 27.5% so far this year.

In this article

 * AMZN+0.37 (+0.19%)

Follow your favorite stocksCREATE FREE ACCOUNT
Amazon CEO Andy Jassy.
CNBC

Amazon shares closed up 3.9% to $193.61 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 three months.



Shares of Amazon have surged 27.5% 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 that 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 multiyear 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.


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