Lates News

On Monday, early in the U.S. stock market, Amazon (AMZN.O) saw its stock price rise by as much as 5.3%, continuing the frenzy triggered last week by its second-quarter earnings report, which showed an acceleration in cloud computing revenue growth. As a result, Amazon joined Nvidia, Alphabet, Microsoft, and Apple as one of the few companies with a market capitalization exceeding $3 trillion. For much of the past three months, Amazon's stock had been deeply caught in a sell-off as investors lost confidence in the stocks of companies that promised to invest billions in artificial intelligence. From a record high on May 6 to a three-month low reached last month, its stock price fell nearly 18%. However, the worries eased last week after Amazon Web Services (AWS) announced that its revenue growth for the last quarter hit the highest level since 2021. Boosted by this news, the company's stock surged over 15%, marking its largest single-day gain in over 14 years, and its market value increased by nearly $400 billion. This also propelled Amazon to become the best-performing stock among this year's "seven giants."