Amazon Crosses $2 Trillion In Stock Market Value For The First Time

NEW YORK — Amazon.com Inc.’s market value topped $2 trillion for the first time in afternoon trade on Wednesday.

The increase in Amazon’s stock market valuation comes just over a week after Nvidia reached $3 trillion and briefly became the most valuable firm on Wall Street.

Amazon | AP News Image

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

Nvidia’s chips power numerous AI applications, so the company’s price has skyrocketed.

Amazon has also made significant investments in AI as the technology’s popularity has increased worldwide.

Amazon | Forbes Image

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

The majority of the company’s attention has been on business-oriented products, such as AI models and a chatbot named Q, which Amazon makes available to businesses that use its cloud computing unit AWS.

In April, Amazon CEO Andy Jassy stated that AI capabilities have reaccelerated AWS’s growth and that it was on track to generate $100 billion in annual revenue.

Amazon | Forbes

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

Last year, the unit’s growth slowed as companies trimmed expenditures due to high inflation.

The digital behemoth has also invested $4 billion in Anthropic, a San Francisco-based AI business, to develop foundation models for generative AI systems. Amazon also creates and designs its own AI processors.

SOURCE – (AP)