AMZN Stock Alert: Amazon Just Joined the $2 Trillion Club

Amazon (NASDAQ:Amazon) shares are a hot topic among traders on Thursday as the e-commerce giant joined the $2 trillion club.

Amazon now has a market capitalization of more than $2 trillion. At the time of writing, it was $2.036 trillion.

This is great news for Amazon, as it becomes only the fifth company to have a market capitalization of over $2 trillion. The other four are Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), NVIDIA (NASDAQ:NVDA) And alphabet (NASDAQ: GOOGL, GOOG).

What’s behind the rise in AMZN shares?

Amazon’s strong growth has helped it exceed its market capitalization of $2 trillion in 2024. The company’s share price has increased by 30.3% since the beginning of the year. On Wednesday, the share price closed at $193.61 per share.

Investors will note that Amazon has undertaken major cost-cutting measures in recent years, resulting in numerous layoffs and other cost-cutting measures.

Another factor that helped Amazon reach $2 trillion was the pandemic. Lockdowns encouraged online spending, and Amazon is a market leader in this space. This helped the company reach a market cap of $2 trillion after only reaching $1 trillion in 2020.

AMZN shares are up 1.2% since Thursday morning.

Investors can find even more current stock market stories here!

We have all the latest stock market news for Thursday! These include the shares of NVDA, Micron technology (NASDAQ:MU) And Tonix Pharma (NASDAQ:TNXP) Stock movements today. All this news can be found at the links below!

More stock market news from Thursday

At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

Article printed by InvestorPlace Media, https://investorplace.com/2024/06/amzn-stock-alert-amazon-just-joined-the-2-trillion-club/.

©2024 InvestorPlace Media, LLC