Amazon is the newest U.S. company to have $2 trillion in market value. This is the first time that the e-commerce giant reached the mark.
Amazon’s stock jumped 3.90% on Wednesday and closed at $193.61 per share. The company’s market cap currently stands at $2.01 trillion, and it has joined the same echelon as tech heavyweights Microsoft, Apple, Nvidia, and Alphabet.
Microsoft remains the most valuable US company with a market cap of $3.36 trillion, followed by Apple ($3.269 trillion), Nvidia ($3.1 trillion), and Alphabet ($2.28 trillion). Amazon remains ranked fifth ahead of Saudi Aramco ($1.78 trillion).
Tech stocks have been on a rally in 2024 thanks to the artificial intelligence boom and expectations that the Federal Reserve will soon start cutting interest rates. Amazon benefited from the rally as well, with its stock currently 29.13% up year-to-date.
Amazon showed openness to adopting AI technology, namely in its Amazon Web Services, the world’s largest cloud services provider. The company also made a number of investments in the AI industry, including the acquisition of AI-focused startup Anthropic.
Lastly, Amazon is believed to be developing an AI chatbot, currently named Metis, to rival OpenAI’s ChatGPT. The chatbot, which will be accessed through a web browser, is expected to be unveiled later this year.