Amazon (AMZN) Reaches $3 Trillion Market Cap Following Earnings Report

Amazon's (AMZN) market capitalization surpassed $3 trillion for the first time after its shares increased approximately 4%, reaching an all-time high. The surge followed a better-than-expected earnings report, with adjusted earnings per share of $1.97 exceeding the $1.82 estimate. Revenue for the second quarter was reported at $200.61 billion, higher than the anticipated $196.47 billion. Additionally, Amazon plans to raise its capital expenditures to $220 billion this year, reflecting increasing demand for cloud services. This growth is significant for investors due to Amazon's strong performance in the cloud market, particularly amid rising AI demand.