Amazon Joins Elite Ranks with $3 Trillion Market Value

Amazon has reached a new milestone in its market value, becoming only the fifth company to surpass $3 trillion. This achievement comes after the e-commerce and cloud-computing giant's shares rose as much as 5.3% on Monday, following a strong second-quarter earnings report that showed accelerating cloud-computing revenue.

The company joins an elite list of stocks including Nvidia Corp., Alphabet Inc., Microsoft Corp., and Apple Inc. in reaching this market value milestone. Amazon's success is largely due to its diversified business model, which has allowed it to expand beyond e-commerce into cloud computing, advertising, and more.