Amazon Surpasses $3 Trillion Valuation as AWS Growth Accelerates

Amazon's market value has surpassed $3 trillion for the first time after its earnings report showed stronger-than-expected growth in its cloud computing business, Amazon Web Services (AWS).

The company's shares climbed nearly 5% on Monday, lifting its valuation above the milestone and extending a rally that began after last week's quarterly results.

AWS revenue rose 37% to $42.2 billion during the quarter, accelerating from 28% growth in the previous quarter and beating Wall Street expectations of roughly 31%.

Chief executive Andy Jassy highlighted the scale of AWS' business, saying it is now a $169 billion annualized revenue run rate business that would place it 24th on the Fortune 500 list if it were a standalone company.