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Amazon hits US$2 trillion in value as AI frenzy fuels tech stocks
Amazon.com has reached a US$2 trillion market valuation for the first time ever, as an artificial intelligence (AI)-fuelled rally pushed the tech giant deeper into record territory.
Shares rose 3.9 per cent on Wednesday to close at US$193.61, pushing the market value to more than US$2 trillion. The company is now a member of an elite club of a handful of peers that have surpassed the key market capitalisation.
Alphabet passed the US$2 trillion threshold in late April, while rallies have pushed market values of Nvidia, Microsoft and Apple to more than US$3 trillion.
Amazon shares have whipsawed since the company’s first-quarter earnings, when the cloud unit posted the strongest sales growth in a year, helping to power the stock back above the all-time high set in April. The stock rallied in June, recovering losses from the end of May to gain 27 per cent so far this year.