Amazon Tops $3 Trillion, Snowflake and BMY Hit New Highs on Strong Earnings and Merger Speculation

Amazon's stock reached a record high of $287.16 on Monday, pushing its market value above $3 trillion for the first time in history.

This milestone makes Amazon only the fifth public company to achieve this mark, alongside Apple, Microsoft, Alphabet, and Nvidia.

The surge follows Amazon's strong second-quarter earnings report last week, with AWS growth leading Wall Street's renewed confidence.

AWS reached an annualized revenue run rate of $169 billion and a 39% operating margin, reassuring investors that Amazon's heavy spending on generative AI infrastructure is paying off.

Snowflake's stock also hit a four-year high of $315.42 as analysts grew more optimistic about the company's role in enterprise AI.

BTIG analyst Gray Powell increased his price target for Snowflake to $340 from $325, citing strong demand and positive signs for products like Cortex Code and Unistore.

Bristol-Myers Squibb stock climbed to a three-year high after reports of potential merger talks with AstraZeneca, which could create one of the world's largest pharmaceutical companies.