Amazon's stock has gained 52% in the past 12 months, partly driven by enthusiasm for the company's investments in artificial intelligence.NEW YORK — Amazon joined the exclusive $2 trillion club Wednesday after Wall Street investors pushed the value of the e-commerce giant's stock past that threshold.
Amazon now joins Google's parent Alphabet, software behemoth Microsoft, iPhone maker Apple and chip maker Nvidia among companies with valuations of at least $2 trillion.Last week, Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia's chips are used to power many AI applications and its valuation has soared as a result.
“A big part of the valuation boost has been cloud and AI,” said Wedbush tech analyst Dan Ives. “Amazon is going to be a major player in the AI revolution.” Amazon has also invested $4 billion in the San Francisco-based AI company Anthropic to develop so-called foundation models that underpin generative AI systems. In addition, Amazon makes and designs its own AI chips.