Amazon Reaches $3 Trillion Market Value on Cloud Business Boost

Amazon has reached a market value of over $3 trillion for the first time, joining a select group of companies including Apple, Microsoft, Alphabet, and Nvidia.

The company's shares hit a record high of $287.16 on Monday, with a 4% increase in price and a 23% gain this year.

The catalyst behind Amazon's growth is its cloud business, AWS, which saw a 37% quarterly growth rate, the fastest pace in over four years.

AWS now has an annualized revenue of $169 billion, with demand driven by generative AI training and deployment.

Amazon's CEO Andy Jassy has increased planned capital spending to $220 billion this year, with a significant portion going towards AI data centers and chips.