Shares rose 3.4% to $192.70, giving the e-commerce giant a market capitalization of more than $2 trillion, putting it in line with tech giants such as Microsoft, Apple, Nvidia and Alphabet.
U.S. stock indexes have posted strong gains this year, fueled by continued enthusiasm for AI, optimism about the resilience of the U.S. economy and the possibility of interest rate easing by the Federal Reserve.
Wall Street was trading at record levels, mainly thanks to large-cap stocks such as Nvidia and Amazon, whose future cash flows are expected to benefit from low interest rates.
Amazon shares, which were added to the blue-chip Dow Jones Industrial Average in February, have risen more than 26% this year. The company became the fifth-largest U.S. company by market capitalization in February, as Nvidia moved up the ranks. Amazon Web Services is the world’s largest cloud services provider, and growth in the Amazon division has rebounded after a decline over the past year, driven by a surge in adoption of AI technology. The company has also invested in AI startup Antropic and robotics company Figure, looking to capitalize on the AI boom. Late last year, Amazon unveiled a new generation of custom-designed chips for use in data centers, targeted at applications for machine learning training and generative artificial intelligence.
