Amazon enters $3 trillion club as AI, cloud growth power rally

Aug 3 : Amazon's market value topped $3 trillion for the first time on Monday, helped by a sharp rally following strong earnings and signs that the AI boom is driving fresh demand for its cloud-computing services, the company's main profit engine.Its shares were last up 5.5 per cent at $286.20, hitting a record high and taking their yearly gains to over 23 per cent.The Seattle-based e-commerce and cloud computing giant's stock surged 15 per cent on Friday after it delivered its strongest cloud growth in more than four years and raised its annual capital spending forecast.Amazon and Microsoft are the only two of the "Magnificent Seven" companies, out of the six that have reported so far, whose AI spending has paid off in investors' eyes. Tesla, Alphabet and Meta were punished as their massi