Amazon Surpasses $3 Trillion Market Value on Cloud Computing Surge

Amazon's market value has surpassed $3 trillion as investors react to its second-quarter earnings report.

The e-commerce and technology giant's shares surged 5% in morning trading, reaching a new 52-week high of $287.20.

The company's cloud-computing division, Amazon Web Services (AWS), drove the surge with a 36.7% year-over-year revenue increase, its fastest pace of expansion in 18 quarters.

AWS now operates at an annualized revenue run rate of $169 billion, bolstered by a swelling contract backlog that reached $496 billion.

Wall Street analysts moved swiftly to adjust their models, raising price targets and pointing to accelerating cloud demand and the tangible monetization of generative AI.