Amazon’s market value exceeds $2 trillion for the first time

The market value of Amazon.com Inc. exceeded the $2 trillion mark for the first time in afternoon trading on Wednesday.

The boost in Amazon’s stock market valuation came just over a week after Nvidia hit the $3 trillion mark and briefly became the most valuable company on Wall Street. Nvidia’s chips are used in many AI applications and the company’s valuation has skyrocketed as a result.

Amazon has also made major investments in artificial intelligence as global interest in the technology has grown, with the company focusing on business-focused products, including AI models and a chatbot called Q, which Amazon makes available to companies using its cloud computing unit AWS.

In April, Amazon CEO Andy Jassy said that AI capabilities had re-accelerated AWS’ growth and that the company was on track to hit $100 billion in annual revenue. The division’s growth had slowed last year as companies cut costs amid high inflation.

The tech giant has also invested $4 billion in San Francisco-based AI company Anthropic to develop so-called base models that support generative AI systems. Amazon also manufactures and develops its own AI chips.

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