E-commerce and tech giant Amazon hit a $3 trillion market valuation for the first time Monday, marking a new milestone for the company following a rise in its shares for a second straight session after last week's strong earnings report.
Shares of the tech giant were up 5.2% at $285.75 in early trading, lifting the company's valuation to about $3.1 trillion.
Amazon posted quarterly profits of more than $62 billion thanks to huge increases in two artificial intelligence-related divisions: the AI cloud business and chips.
The company's cloud business, Amazon Web Services (AWS), posted a 37% jump in revenue to reach $42.2 billion, prompting CEO Andy Jassy last week to predict it could be a "trillion-dollar annual revenue business for us in time."
Amazon, Microsoft, Alphabet and Meta Platforms are collectively on track to pour around $700 billion into AI data centers, chips and computing infrastructure this year.
