Amazon Joins $3 Trillion Club on Cloud Computing Strength

Amazon's market capitalization surpassed $3 trillion for the first time in early U.S. trading hours on Monday, August 3.

This milestone makes Amazon one of only five publicly traded companies globally to reach this level, joining NVIDIA, Alphabet (Google's parent company), Microsoft, and Apple.

The company's shares rose by more than 5.7% at one point, reaching an intraday high of $287.16, before closing at $285.58 with a total market capitalization slightly exceeding $3.07 trillion.

Amazon's success is largely attributed to its cloud computing division, Amazon Web Services (AWS), which reported a 37% year-over-year increase in revenue for the second quarter, the highest growth rate in 18 quarters.