Amazon ‘rewarded’ after AI investment plans, becomes 5th company to reach this milestone

Amazon has achieved a major financial milestone on Monday (August 3), becoming only the fifth publicly traded company in history to cross $3 trillion in market capitalisation. The surge follows a sharp rally in Amazon’s stock, driven by strong quarterly earnings and accelerating growth at Amazon Web Services (AWS), the company’s cloud computing arm and primary profit generator. Amazon shares rose 5% to reach a record high of $285.01, bringing the company’s year-to-date gains to more than 23%.

Amazon joins Apple, Microsoft, Alphabet and Nvidia in $3 trillion club