Amazon reached a $2 trillion market capitalization on Wednesday for the first time ever, joining a short list of U.S. tech companies to achieve the milestone.
Amazon’s stock is up nearly 30% this year and more than 50% in the past 12 months, marking a big bounceback from 2022 amid the tech downturn. Shares closed Wednesday at $193.61, up 3.9% for the day.
Alphabet also passed the $2 trillion market in April. Nvidia, Microsoft, and Apple are valued at more than $3 trillion, buoyed in recent months by the AI frenzy and cost-cutting initiatives.
Amazon reached the $1 trillion mark in 2018.
Amazon topped expectations for its first quarter earnings in April, reporting reporting $143.3 billion in revenue, up 13% year-over-year, and earnings per share of $0.98.
Amazon’s two big profit drivers, Amazon Web Services and advertising, posted year-over-year revenue growth of 17% and 24%, respectively.