Amazon crosses $2 trillion in stock market value for the first time

Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday.

The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia's chips are used to power many AI applications and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products, including AI models and a chatbot called Q, which Amazon makes available to businesses that use its cloud computing unit AWS.

In April, Amazon CEO Andy Jassy said that AI capabilities have reaccelerated AWS’ growth and that it was on pace for $100 billion in annual revenue. The unit had slowed down in growth last year as companies cut down on costs amid high inflation. The tech giant has also invested $4 billion in the San Francisco-based AI company Anthropic to develop so-called foundation models that underpin generative AI systems. Amazon also makes and designs its own AI chips.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amazon Prime Day 2024: Everything we know about Amazon's sale in JulyValentina Palladino has been writing about consumer tech for over a decade, focusing on smartwatches, fitness trackers, laptops, smart home gadgets and accessories.
Source: engadget - 🏆 276. / 63 Read more »

Amazon Prime Day 2024: Everything we know so far about Amazon's sale in JulyValentina Palladino has been writing about consumer tech for over a decade, focusing on smartwatches, fitness trackers, laptops, smart home gadgets and accessories.
Source: engadget - 🏆 276. / 63 Read more »

Amazon Prime Membership: The Best Reasons to Sign up Today, Ahead of Amazon Prime Day 2024Don't miss out on Amazon Prime Day! Here's how an Amazon Prime membership can benefit you all year long.
Source: etnow - 🏆 696. / 51 Read more »

Amazon has Stanley’s new Heat Wave Quenchers in stock with free shipping for Prime membersAmazon has all six colors of Stanley's new Heat Wave Collection available for purchase, and you can get it delivered for free with Prime
Source: njdotcom - 🏆 282. / 63 Read more »

Amazon Stock Breakout: Potential Run to $200 in the Cards?Stocks Analysis by MarketBeat.com (Sam Quirke) covering: S&P 500, Amazon.com Inc. Read MarketBeat.com (Sam Quirke)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Wednesday's analyst calls: JPMorgan upgrades gas stock, Amazon a top pickA gas stock and an e-commerce giant were among the stocks being talked about by analysts on Wednesday.
Source: CNBC - 🏆 12. / 72 Read more »