Amazon Becomes the Fifth Company in History to Exceed $3 Trillion in Market Cap

August 3rd. On Monday morning, during the early trading of the U.S. stock market, Amazon (AMZN.O) stock price surged by 5.3%, continuing the frenzy from last week triggered by the second-quarter earnings report showing an accelerated growth in cloud computing revenue. Amazon has thus joined Nvidia, Alphabet, Microsoft, and Apple as one of the few companies with a market value exceeding $3 trillion.

For most of the past three months, Amazon's stock price has been mired in a sell-off as investors lost confidence in companies that promised to invest billions of dollars in the field of artificial intelligence. From the all-time high set on May 6th to the three-month low touched last month, its stock price has dropped by nearly 18%.

However, last week, after Amazon Web Services (AWS) announced that last quarter's revenue growth rate had reached a new high since 2021, these concerns were alleviated. Boosted by this news, the company's stock price soared by over 15%, marking the largest single-day gain in over 14 years and increasing its market value by nearly $400 billion. This also helped Amazon reclaim its position as the best-performing stock among the "Fab Seven" this year. (Jinse Finance)