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Amazon Hits $2 Trillion Market Value as AI Frenzy Fuels Rally [BNN Bloomberg (Canada)]
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Last alphabet inc. - class c capital stock earnings: 4/28 04:02 pm
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Shares rose as much as 3.6% Wednesday to $193.04, pushing the market value to more than $2 trillion. The company is now a member of an elite club of a handful of peers that have surpassed the key market capitalization. Alphabet Inc. passed the $2 trillion threshold in late April, while rallies have pushed market values of Nvidia Corp., Microsoft Corp. and Apple Inc. to more than $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 about 27% so far this year. Shares of the megacap technology company have gotten a lift over the past year as the company cut costs and restructured its business to better take advantage of the AI frenzy. In addition, its key Amazon Web Services business has shown signs of re-accelerating growth, a major point of opt
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