Amazon reaches $2 trillion market cap for the first time

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

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.Feeling out of the loop? We'll catch you up on the Chicago news you need to know.

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