Shares of retail giant Amazon rose more than 3% in trading on Wednesday, pushing the company's market value above $2 trillion for the first time.
The AI-fueled rally has pushed the tech company’s stock price to a record high, with Amazon shares up about 26% so far this year, while the tech-heavy Nasdaq has gained about 18% over the same period.
By surpassing this milestone, Amazon joins Nvidia, Apple, Alphabet and Microsoft, all of which are valued at $2 trillion or more.
Investors have been piling into tech stocks lately as the hype around generative AI has reached fever pitch. Nvidia, which makes graphics processors for servers that run large AI models, has been one of the biggest beneficiaries, with its market value rising from $2 trillion to $3 trillion in just over three months.
Investors also welcomed the company's recent cost-cutting initiatives, which have fueled Amazon's earnings growth in recent quarters.
Amazon CEO Andy Jassy has been trying for years to rein in the company's spending, including widespread layoffs that affected more than 27,000 Amazon employees.
