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

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

Amazon Web Services posted $42.2 billion in second-quarter revenue, topping analyst expectations by more than $1.6 billion

Shares of the Seattle-headquartered e-commerce and cloud giant had surged 15% on Friday after the company reported its fastest cloud revenue growth in over four years and increased its forecast for annual capital expenditure.

Shares of Amazon hit a new all-time high Monday, putting its market cap over $3 trillion.

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 an

AWS just posted $42.2 billion in revenue with its fastest growth in 18 quarters and the AI platform saw more spending last quarter than in every prior quarter since launch combined.

AWS “finally saw the long-awaited growth inflection,” an analyst noted.

Capital expenditure across the group climbed to $53bn in the quarter ending in June