Amazon Cracks $3 Trillion Market Cap Following Strong Earnings Report

Amazon's stock surged to a new all-time high on Monday, pushing its market capitalization above $3 trillion. The jump comes after the company reported strong earnings for the second quarter, beating analyst estimates in both revenue and adjusted earnings per share.

The tech giant's cloud growth was a major driver of this success, with demand for artificial intelligence driving the increase. Amazon reported adjusted earnings per share of $1.97, versus an estimated $1.82 per share. Revenue came in at $200.61 billion, beating analyst estimates of $196.47 billion.

The stock's surge was not limited to just Amazon, with other tech companies also seeing gains following the release of earnings reports. However, it's worth noting that while Amazon's market capitalization has reached new heights, its stock price is only up roughly 4% on the day.