Amazon Market Value Crosses $3 Trillion for First Time as Shares Surge 5%
Amazon reached a valuation of $3 trillion for the first time Monday, rising for a second straight session after last week’s strong earnings report.
Shares of the tech giant were up 5.2 per cent at $285.75 in early trading, lifting the company’s valuation to about $3.1 trillion. Amazon posted quarterly profits of more than $62 billion thanks to huge increases in two artificial intelligence-related divisions: AI cloud business and chips.
The company’s cloud business, Amazon Web Services, posted a 37 per cent jump in revenue to reach $42.2 billion, prompting CEO Andy Jassy last week to predict it could be a “trillion-dollar annual revenue business for us in time.”
Amazon, Microsoft, Alphabet and Meta are collectively on track to pour around $700 billion into AI data centers, chips and computing infrastructure this year.
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Giovanni Mazzariello, equity specialist at UniCredit, described last week’s results from Amazon and other AI “hyper scalers” as “broadly reassuring.”
“Taken together, rapid revenue growth, widening margins and a swelling backlog from all four hyperscalers, provide the clearest evidence that utilization and monetization are rising fast enough to absorb the growing depreciation and operating costs of the infrastructure build-out,” Mazzariello said. AFP
(Except for the headline, this story has not been edited by VoM News staff and is published from a syndicated feed.)
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