Amazon Joins $2 Trillion Market Cap Club

Amazon's market capitalization has surpassed $2 trillion, making it the fifth U.S. company to achieve this milestone, alongside Apple, Microsoft, Nvidia, and Alphabet. This achievement is driven by Amazon's significant investments in artificial intelligence (AI) and its cloud computing unit, AWS, which has seen a revenue increase to $100 billion annually. The company's stock has surged over 50% in the past 12 months, partly due to AI advancements including generative AI tools and AI chips. Amazon has also invested $4 billion in the AI company Anthropic to further enhance its AI capabilities. Despite facing high inflation and cost-cutting measures, Amazon reported strong Q1 2024 profits and revenues, with optimistic forecasts for the future.