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AI drives Amazon's record market rise
Amazon's market value has surpassed the $3 trillion mark for the first time, driven by a rise in its stock price due to strong earnings results and increasing demand for its cloud computing services supported by growing artificial intelligence. The company's shares rose by 5.5% to $286.20, reaching a record high and marking an annual increase of over 23%. This boost comes after the company experienced its strongest growth in the cloud computing sector in over four years and raised its capital expenditure forecasts. Meanwhile, Amazon and Microsoft are the only two among the "Big Seven" that have gained returns from their investments in artificial intelligence, whereas companies like Tesla, Alphabet, and Meta have faced criticism for massive spending plans that have negatively impacted their cash flow.
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