Amazon exceeded $2 trillion in market value Wednesday, joining six U.S. firms, as AI confidence and interest rate cuts boosted tech stocks.
The stock surged 3.4% to $192.70, pushing its value over $2 trillion, joining tech giants like Microsoft, Apple, Nvidia, and Alphabet.
U.S. stock indexes surged this year due to AI enthusiasm, economic resilience optimism, and potential Federal Reserve rate cuts.
Wall Street neared record highs, driven by megacap stocks like Nvidia and Amazon, benefiting from lower interest rates.
Amazon shares, which were added to the blue-chip Dow Jones Industrial Average index in February, are up more than 26% this year.
In February, Nvidia advanced to become the fifth-largest U.S. company by market capitalization.
Amazon Web Services, the top cloud provider, has rebounded after a dip due to rising AI technology adoption.
Additionally, the company invested in AI startup Anthropic and robotics firm Figure to capitalize on the growing AI boom.
Late last year, Amazon introduced new custom chips for data centers, focusing on machine-learning training and generative AI applications.
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