Amazon reaches $2 trillion market cap for the first time

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reaches $2 trillion market cap for the first time

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CEO Andy Jassy.

CNBC

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shares closed up 3.9% to $193.61 on Wednesday, pushing the company’s market cap past $2 trillion for the first time.

In crossing the milestone,

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joins Nvidia, Apple, Alphabet and

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, all of which are worth $2 trillion or more. Investors have piled into tech stocks recently as excitement around generative artificial intelligence has reached a fever pitch. Nvidia, which makes graphics processors for the servers that power large AI models, has been one of the biggest beneficiaries, with its market value soaring from $2 trillion to $3 trillion in just over three months.

Shares of

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have surged 27.5% so far this year, while the tech-heavy Nasdaq has risen about 18% over the same *******.

In April, the company reported first-quarter earnings that showed its

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Web Services business was continuing to rebound from a recent slowdown caused by businesses that trimmed their cloud spend.

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executives also spoke at length about how AWS can benefit from a surge in demand for generative AI services.

Investors have also cheered the company’s recent cost-cutting initiatives, which fueled

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’s earnings growth in recent quarters.

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CEO Andy Jassy has been on a multiyear quest to reign in the company’s spending, including widespread layoffs that have affected more than 27,000

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employees.

It took

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more than four years to cross the $2 trillion milestone. Its market cap reached $1 trillion in 2020, the second time in its history after hitting the benchmark for the first time in 2018.

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#reaches #trillion #market #cap #time

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