Jun 26, 2024 - Economy
Charted: Another market cap milestone
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Amazon hit a significant milestone today, hitting the $2 trillion market cap club.
The big picture: While much has been made lately of Nvidia's explosion through the $3 trillion threshold, joining Microsoft and Apple, a couple trillion is nothing to sneeze at.
- Besides those three, only Google's parent Alphabet is above the $2 trillion mark.
Amazon closed up 3.9% today to hit the mark, and it's up 29% since the start of the year.
- "A big part of the valuation boost has been cloud and AI," said Wedbush tech analyst Dan Ives, per AP. "Amazon is going to be a major player in the AI revolution."
Context: It took Amazon more than four years to hit this mark since its market cap hit $1 trillion in February 2020, WSJ noted.
- Nvidia did it in 180 days.
