Amazon Surpasses $3 Trillion in Valuation

Amazon has reached a new milestone by crossing the $3 trillion mark in valuation for the first time. The company's stock price closed at $284.02 on Monday, up more than 4% for the day and reaching a record high.

This puts Amazon just above the $3 trillion threshold, and to reach the $4 trillion club, it would only need a 31% gain, which translates to a stock price around $371.

Amazon's growth can be attributed to its profit growth, which has been driving its valuation upward. In the second quarter, net sales rose 20% year over year to $200.6 billion, while operating income climbed 43% to $27.5 billion.

The company's cloud computing segment, Amazon Web Services (AWS), was a standout performer, growing sales 37% year over year to $42.2 billion in the second quarter and achieving its fastest growth rate in 18 quarters.