Amazon Achieves $2 Trillion Valuation Fuelled by AI Enthusiasm and Speculation on Interest Rate Cuts
Money | June 26, 2024, 4:33 p.m.
Amazon.com Inc reached a milestone by hitting $2 trillion in market value for the first time, joining the ranks of other tech giants such as Microsoft, Apple, Nvidia, and Alphabet. The surge in stock price, driven by optimism around artificial intelligence and potential interest rate cuts, has propelled Amazon to become one of the top U.S. companies by market value. The company's leadership in cloud services through Amazon Web Services, as well as strategic investments in AI startups and robotics, have played a key role in its success. Additionally, the launch of custom-designed chips for machine learning and artificial intelligence applications further solidifies Amazon's position in the tech industry. With a strong performance this year and positive economic outlook, Amazon's growth trajectory seems promising as it continues to lead the way in the tech sector.