United Bank Invests $10.53 Million in Amazon.com, Inc.

United Bank invested $10.53 million in Amazon.com, Inc., buying 44,179 shares of its stock during the second quarter. This purchase valued at approximately $10,530,000 represents a new position for United Bank and makes up about 3.2% of its investment portfolio. The e-commerce giant is now one of the bank's largest holdings.

The institutional investor also revealed that Amazon.com makes up 7th largest holding in their portfolio. This significant stake highlights the confidence investors have in Amazon's long-term growth prospects.

Amazon's quarterly earnings data showed $5.75 earnings per share, beating analyst expectations by $3.93. The company reported a net margin of 17.44% and a return on equity of 18.00%. Its revenue for the quarter was up 19.6% year-over-year, reaching $200.61 billion.

Amazon's strong financial performance has been driven by its growth in cloud computing through AWS and its increasing presence in AI infrastructure commitments. The company is also expanding its advertising reach through a pilot with ChatGPT.