Amazon hits $2T in market value for the first time as AI fervor, rate cut bets drive gains
NY Post
Amazon’s market value surpassed the $2 trillion mark for the first time on Wednesday as optimism around artificial intelligence and potential interest rate cuts this year drove demand for technology-related stocks.
The stock closed up nearly 4% at a record $193.61, giving the e-commerce giant the fifth company to join the $2 trillion club, following tech behemoths Microsoft, Apple, Nvidia and Alphabet.
US stock indexes have notched robust gains this year on relentless enthusiasm around AI, optimism around resilience in the US economy and potential easing of interest rates from the Federal Reserve.
Wall Street was trading near record levels, largely powered by megacap stocks such as Nvidia and Amazon, whose future cash flows stand to benefit from lower interest rates.
Shares of Amazon, which were added to the blue-chip Dow Jones Industrial Average index in February, have climbed 27% this year.
The company became the fifth biggest US company by market value in February after Nvidia went up a spot.
