Amazon's market value passes $2T as shares hit all-time high

ISTANBUL

Amazon's market value surpassed $2 trillion on Wednesday for the first time in the company’s history as its shares hit an all-time high during afternoon trading.

The e-commerce and tech major's stock price climbed 3.9% to close the day at $193.61 per share, giving it a market capitalization of $2.01 trillion.

With that result, Amazon has become the fifth publicly traded company in the world to pass the milestone.

Amazon ranks fifth on that list behind Google's parent firm Alphabet in fourth place with a $2.28 trillion market cap and chipmaker Nvidia with $3.11 trillion in third spot.

Apple ranks second with a market value of almost $3.27 trillion, while Microsoft sat on top with $3.36 trillion as of Wednesday's closing.

Amazon, in addition, saw its stock price hit an all-time high of $194.80 per share during the session.

The company's shares are up almost 28% since the beginning of this year.

Investor interest in tech firms has been on the rise this year as demand for artificial intelligence (AI) is booming.

Amazon in March made an additional $2.75 billion investment in AI startup Anthropic, which increased its total investment in the firm to $4 billion.

Anthropic last week unveiled Claude 3.5 Sonnet, its most powerful AI model yet.