Amazon enters $3 trillion club as AI, cloud growth power rally

Amazon’s market value topped $3 trillion for the first time on Monday, helped by a sharp rally following strong earnings and signs that the AI boom is driving fresh demand for its cloud-computing services, the company’s ‌main profit engine.

Its shares ⁠were ⁠last up 5% at $285.01, hitting a record high. They have gained over 23% so far this year.

Last week, the shares recorded the biggest one-day jump since April 2012 after the Seattle-based e-commerce and cloud computing giant delivered its strongest cloud growth in more than four years and raised its annual capital spending forecast.