Amazon’s market capitalization topped $3 trillion for the first time, driven by strong quarterly earnings that showed surging AWS cloud revenue fueled by AI demand. Among the “Magnificent Seven” tech companies, only Amazon and Microsoft received a positive investor reaction to earnings that quarter, while Alphabet, Meta, and Tesla stock declined on AI spending concerns. Amazon has invested heavily in AI infrastructure, including a $50 billion stake in OpenAI and continued backing of Anthropic.
