Amazon Smashes $3 Trillion Barrier on AI-Fueled Cloud Surge

Amazon has crossed the $3 trillion market capitalization threshold for the first time on August 3, driven by strong results and the rise of artificial intelligence. The company's cloud division is fueling its profits and capturing demand from AI giants, with recent partnerships announced with OpenAI, Anthropic, and Meta.

The stock closed up 5% at $285.01, a historic high, after increasing more than 23% since January 1. This marks the fifth time a company has reached this milestone, following Apple, Microsoft, Alphabet, and Nvidia.

Mark Hackett, chief market strategist at Nationwide, notes that Amazon is 'probably the most emblematic company of the current economy', combining success in consumption with AI prowess.