Amazon Hits $3 Trillion Valuation, Eyes $5 Trillion by 2029

Amazon has reached a market valuation of $3 trillion, joining an exclusive club. According to estimates, it could reach $5 trillion by 2029 if it continues on its current course.

The company's cloud computing platform, AWS, was a standout in the latest earnings results, with revenue growth reaching 37% year over year. This marks the fifth consecutive quarter of accelerating revenue growth for the segment and the highest growth rate in 18 quarters.

AWS' success is attributed to its strength in artificial intelligence services and custom silicon, which provides better results for customers and wider operating margins. The company has signed deals with OpenAI and Anthropic to use its Trainium chips, which will provide a solid base for continued growth.