Amazon crosses $2 trillion in stock market value for the first time

FILE - An Amazon Prime truck is seen on April 5, 2024, in Portland, Ore. Amazon hits a stock market valuation of $2 trillion for the first time on Wednesday, June 26, 2024.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.Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the focus has been on business-focused products, including AI models and a“A big part of the valuation boost has been cloud and AI,” said Wedbush tech analyst Dan Ives.

Outside of its cloud business, Amazon has cut costs significantly since late 2022, laying off more than 27,000 corporate employees across several divisions. Itfor the first quarter of the year, aiding by growth in AWS as well as its core retail business and advertising. All those things are boosting investor sentiments, said Neil Saunders, the managing director at GlobalData Retail.

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