Big Tech
Amazon Hits $2 Trillion in Value as AI Frenzy Fuels Rally
- Megacap joins Alphabet, Nvidia and more above key level
- Company’s cloud unit posted biggest sales growth in a year
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Amazon.com Inc. has reached a $2 trillion market valuation for the first time ever as an artificial intelligence-fueled rally pushed the tech giant deeper into record territory.
Shares rose 3.9% on Wednesday to close at $193.61, pushing the market value to more than $2 trillion. The company is now a member of an elite club of a handful of peers that have surpassed the key market capitalization. Alphabet Inc. passed the $2 trillion threshold in late April, while rallies have pushed market values of Nvidia Corp., Microsoft Corp. and Apple Inc. to more than $3 trillion.