Bright Future Today
  • Investing
  • Business
  • World News
  • Stock
Business

Amazon reaches $2 trillion market cap for the first time

by June 27, 2024
June 27, 2024

Amazon shares climbed more than 3% in intraday trading on Wednesday, pushing the company’s market cap past $2 trillion for the first time.

In crossing the milestone, Amazon join Nvidia, Apple, Alphabet and Microsoft, 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 3 months.

Shares of Amazon have surged roughly 26% so far this year, while the tech-heavy Nasdaq has risen about 18% over the same period.

In April, the company reported first-quarter earnings that showed its Amazon Web Services business was continuing to rebound from a recent slowdown caused by businesses who trimmed their cloud spend. Amazon 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 Amazon’s earnings growth in recent quarters. Amazon CEO Andy Jassy has been on a multi-year quest to reign in the company’s spending, including widespread layoffs that have affected more than 27,000 Amazon employees.

It took Amazon 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.

This post appeared first on NBC NEWS
previous post
The ‘funflation’ effect: Why Americans are spending on travel and entertainment
next post
Where support for American democracy is the most wobbly

You may also like

Netflix stock is trading at all-time high levels...

May 7, 2025

Temu halts shipping direct from China as de...

May 7, 2025

Skechers to be acquired by 3G Capital in...

May 7, 2025

Rite Aid files for second bankruptcy in two...

May 7, 2025

Amazon’s Zoox robotaxi unit issues software recall after...

May 7, 2025

Hatch Baby recalls 919,000 power adapters on Rest...

July 4, 2024

Tesla shares rise on better-than-expected Q2 deliveries report

July 4, 2024

NFL-backed group lines up ‘Sunday Ticket’ streaming for...

July 4, 2024

AI drive-thru ordering is on the rise —...

July 4, 2024

‘NEETS’ and ‘new unemployables’: Why some young adults...

July 3, 2024

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Israeli military issues unprecedented evacuation warning for Yemen’s international airport

      May 7, 2025
    • India launches military operation against Pakistan, explosions heard

      May 7, 2025
    • Netanyahu chooses war – and his political survival – as Israelis demand hostage deal

      May 7, 2025
    • Israeli airstrike on central Gaza school compound housing displaced people kills 22, as military operation intensifies

      May 7, 2025
    • India and Pakistan are on the brink of all-out war. Here’s what we know

      May 7, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Copyright © 2025 brightfuturetoday.com | All Rights Reserved

    Bright Future Today
    • Investing
    • Business
    • World News
    • Stock