Amazon Achieves Milestone as 5th U.S. Company to Reach $2 Trillion Market Value
Money | June 27, 2024, 4:24 a.m.
Amazon made a historic milestone by becoming the 5th U.S. company to reach a stock market valuation of $2 trillion. This achievement was driven by a 4% increase in its stock price, which has risen 52% in the past year due to investments in artificial intelligence. Amazon's entry into the exclusive club of $2 trillion companies, including Google's parent Alphabet and Microsoft, reflects the growing significance of AI in the business world. CEO Andy Jassy highlighted AI's role in reaccelerating the growth of Amazon Web Services, which is on track to achieve $100 billion in annual revenue. The company's investments in AI, such as acquiring Anthropic and developing its own AI chips, have positioned it as a key player in the AI revolution. Despite external challenges like an antitrust lawsuit, Amazon's strong financial performance and strategic investments continue to drive investor confidence in its long-term prospects.