Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading Wednesday.
The rise in Amazon's stock valuation comes just over a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia chips are used to power many artificial intelligence applications, and their valuation has skyrocketed as a result.
Amazon has also been making big investments in AI as global interest in the technology has grown. Most of the company's focus has been on business-focused products, including artificial intelligence models and a chatbot called Q, which Amazon makes available to businesses using its AWS cloud computing unit.
In April, Amazon CEO Andy Jassy said that AI capabilities have reaccelerated AWS's growth and that it was on track to generate $100 billion in annual revenue. The unit's growth slowed last year as companies cut costs amid high inflation.
The tech giant has also invested $4 billion in San Francisco-based AI company Anthropic to develop so-called core models that underpin generative AI systems. Amazon also manufactures and designs its own AI chips.
