Good morning. Amazon's market cap exceeded $2 trillion for the first time on Wednesday, as its CFO is betting big on AI use—both for potential clients and internally.
Amazon shares this year are up nearly 30%—and over the previous 12 months up almost 50%. Earlier in 2024, Alphabet's market cap hit $2 trillion, but both firms still trail Microsoft, Apple, and Nvidia, all of which are worth more than $3 trillion. (Bank of America just raised its price target for Amazon shares to $220 from $210.)
