Amazon Hits $3 Trillion Valuation as AI Boom Boosts Cloud Business

Amazon's market value topped $3 trillion for the first time on Monday, driven by a sharp rally in shares following strong earnings and signs that the artificial intelligence boom is fueling renewed demand for its cloud computing business.

The company's shares rose 5% to $285.01, reaching a record high, with a gain of over 23% so far this year.

This achievement puts Amazon in an exclusive group of companies that have reached a $3 trillion market capitalization, along with Apple, Microsoft, Alphabet, and Nvidia.

According to Mark Hackett, chief market strategist at Nationwide, 'Amazon is probably the most emblematic company of the economy right now. It's a consumer story and an AI story.'