E-commerce giant Amazon’s (AMZN) market capitalization has surpassed $2 trillion U.S. for the first time.
The company achieved the milestone as its stock rose 3.9% to finish trading in New York at $193.61 U.S. per share on June 26.
Amazon joins fellow technology companies Nvidia (NVDA), Apple (AAPL), Alphabet (GOOG / GOOGL) and Microsoft (MSFT) as the only public concerns worth more than $2 trillion U.S.
Amazon’s stock has risen nearly 30% so far in 2024 as investors continue to bid up technology stocks amid hype surrounding artificial intelligence (A.I.).
Nvidia’s market cap went from $2 trillion U.S. to $3 trillion U.S. in a little more than three months this year.
Amazon’s first-quarter financial results showed the company’s dominant cloud computing business was recovering after businesses cutback their spending during the pandemic.
Analysts have praised Amazon’s cost-cutting initiatives over the past two years, which have helped boost the company’s earnings.
It has taken Amazon four years to go from a $1 trillion U.S. market valuation to $2 trillion U.S.
In the last 12 months, Amazon’s stock has risen 50%, outpacing the benchmark S&P 500 index that is up 25% over the same period.
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