Amazon hits $2 trillion market valuation for the first time

Date:
Thu, 27 Jun 2024 10:10:46 +0000

Description:
Amazon breaks a market cap of $2 trillion to join the five most valuable companies in the world.

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In a historic milestone, Amazon has reached a market cap of more than $2 trillion for the first time, while maintaining its position as the fifth most valuable company in the world.

Dominated by Big Tech, the top five sees Amazon in fifth place with a market cap of $2.014 trillion, trailing far behind current leader Microsoft, which currently holds prime position with a market cap of $3.360 trillion.

The ecommerce giants share prices rose by 3.9% yesterday to $193.61, driven largely by its AWS cloud computing business and ongoing support for
artificial intelligence technology. Amazon reaches $2 trillion market cap

Amazon share prices are up 29.13% from the start of 2024, marking a steady
and consistent growth rate. The companys AWS division, the worlds largest cloud provider, accounts for around one-third of the market, or the same proportion as Microsoft and Google combined, and has been instrumental to the businesss success.

Last quarter, AWS drew in $25 billion in revenue, up 17% year-over-year. Coincidentally, it also accounts for around 17% of Amazons entire revenue.

Speaking about the companys Q1 financial results, CEO Andy Jassy said: The combination of companies renewing their infrastructure modernization efforts and the appeal of AWSs AI capabilities is reaccelerating AWSs growth rate
(now at a $100 billion annual revenue run rate.

However, to reach a $2 trillion valuation has been a long path. Amazons
market cap first broke the $1 trillion barrier in 2018, before dipping and passing it again in 2020.

Still, Amazons overall share price growth this year to date is around seven percentage points higher than Microsofts.

As the battle for first place plays out among five of the worlds tech
leaders, Amazon will have to take on the giant that is Nvidia. Now in third place, the chipmaker broke the $3 trillion valuation mark and became the worlds most valuable company earlier this month after a 201.81% increase in share prices since January. More from TechRadar Pro These are the best cloud hosting providers Keep your data online with the best cloud storage and best cloud backup tools Nvidia officially becomes the world's most valuable
company now can it stay there?



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Link to news story: https://www.techradar.com/pro/amazon-hits-dollar2-trillion-market-valuation-fo r-the-first-time


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