Amazon Hits $3 Trillion Market Value Milestone, Joins Elite Group

Amazon's market value has surpassed $3 trillion for the first time, joining an elite group of five companies that have reached this milestone. The e-commerce and cloud-computing giant's shares rose by as much as 5.3% on Monday after a strong second-quarter earnings report showed accelerating cloud-computing revenue.

The company's Amazon Web Services unit saw its revenue jump by the most since 2021, driving shares up over 15% in response - their biggest one-day gain in more than 14 years. This surge added nearly $400 billion to Amazon's value and propelled it back into the top spot as the best-performing 'Magnificent Seven' stock this year.

Amazon's valuation is still about 44% lower than its historical average, but Wall Street remains optimistic about its long-term prospects. Analysts predict a 14% increase in the stock price over the next year, according to data compiled by Bloomberg.