Amazon's market cap topped $3 trillion for the first time after cloud growth surged

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

Amazon posted quarterly profits of more than $62 billion thanks to huge increases in two artificial intelligence-related divisions: AI cloud business and chips.

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.

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

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.