Amazon has joined the $3 trillion club. The company’s market value crossed the mark for the first time on Monday, making it the fifth listed company to get there, after a rally driven almost entirely by artificial intelligence.
The shares hit a record $287.16 and rose around 4% on the day, their best session since early May and up more than 23% this year. It has taken Amazon a little over two years to add its third trillion, having reached $2tn in June 2024.
The catalyst was cloud. Amazon’s recent quarter, in which AWS growth soothed fears about its AI spending, drove the stock up and kept it climbing into this week.
AWS is now running at an annualised $169bn, after growing 37% in the quarter, its fastest pace in more than four years. Group revenue topped $200bn for the first time, and the demand behind it is generative-AI training and deployment.
The executive in charge is not playing it down. Matt Garman, who runs AWS, told Bloomberg that the potential AI business is ‘just massive’, the kind of line that reads as confidence when the capacity to back it is being poured in real time.
