Amazon crossed a $3 trillion market capitalization for the first time on Monday, driven by a stronger-than-expected second-quarter earnings report that showed a surge in cloud computing revenue fueled by artificial intelligence demand, according to CNBC.
Amazon stock rose roughly 4% to 5% on Monday, hitting a record high
The gain marked the stock’s best single session since May 5. Amazon stock has gained more than 23% so far this year. Amazon Web Services posted $42.2 billion in revenue for the quarter.
That exceeded analyst expectations of $40.54 billion, according to CNBC. Total company revenue of $200.61 billion surpassed the $196.47 billion Wall Street had forecast. Adjusted earnings per share came in at $1.97.