In this article, AMZN focuses on Amazon CEO Andy Jassy. CNBC
Amazon’s stock price rose over 3% in Wednesday’s trading session, pushing the company’s market value above $2 trillion for the first time. As it crosses this milestone, Amazon joins the ranks of Nvidia, Apple, Alphabet, and Microsoft, all of which have a market value of $2 trillion or more. With excitement around artificial intelligence reaching a fever pitch, investors have been flocking to tech stocks. Nvidia, which produces graphics processing units that power large AI models, has been one of the biggest beneficiaries, with its market value soaring from $2 trillion to $3 trillion in just over three months. So far this year, Amazon’s stock has risen by approximately 26%, while the tech-heavy Nasdaq has risen by about 18% during the same period. In April, the company’s first-quarter earnings showed a rebound in its Amazon Web Services business, which had recently slowed due to companies cutting back on cloud spending. Amazon executives also discussed how AWS is benefiting from the surge in demand for generative AI services. Investors have also cheered the company’s recent cost-cutting measures, which have driven profit growth in Amazon’s recent quarters. Amazon CEO Andy Jassy has been working to control the company’s expenses for years, including a large-scale layoff that affected over 27,000 Amazon employees. It took Amazon over four years to surpass the $2 trillion milestone. Its market value reached $1 trillion in 2020, marking the second time in its history after its initial milestone in 2018.
