Amazon.com Inc. surpassed $2 trillion in market value for the first time during afternoon trading on Wednesday.
The rise in Amazon’s stock market valuation comes shortly after Nvidia hit $3 trillion, briefly becoming the most valuable company on Wall Street. Nvidia’s valuation has soared due to its chips powering many AI applications.
Amazon has also been making significant investments in AI as global interest in the technology has grown. Most of the company’s AI efforts focus on business-oriented products, including AI models and a chatbot called Q, available to businesses using its cloud computing unit AWS.
In April, Amazon CEO Andy Jassy stated that AI capabilities have reaccelerated AWS’ growth, putting it on pace for $100 billion in annual revenue. AWS had experienced slowed growth last year as companies cut costs amid high inflation.
Additionally, Amazon has invested $4 billion in the San Francisco-based AI company Anthropic to develop foundational models that underpin generative AI systems. The tech giant also designs and produces its own AI chips.
