Amazon Hits $3 Trillion Market Cap in Record-Breaking Milestone

Amazon has become just the fifth company to top US$3 trillion in market value after surpassing this milestone for the first time.

This achievement comes following a raucous rally last week, where shares rose as much as 5.3% after Amazon reported accelerating cloud-computing revenue.

Amazon joins an elite list of companies that have reached this size, including Nvidia Corp, Alphabet Inc, Microsoft Corp, and Apple Inc.

The company's shares had been on a selloff for three months due to investors' concerns over spending on artificial intelligence, but the recent rally has eased these fears.

Amazon Web Services (AWS) revenue jumped by the most since 2021 last quarter, propelling Amazon back into position as the best-performing Magnificent Seven stock this year.