Amazon (NASDAQ:AMZN) stock is a hot topic among traders on Thursday as the e-commerce giant has joined the $2 trillion club.
Amazon now has a market capitalization that is more than $2 trillion. This was sitting at $2.036 trillion as of this writing.
That’s massive news for Amazon as it makes it only the fifth company with a market capitalization higher than $2 trillion. The other four are Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Nvidia (NASDAQ:NVDA) and Alphabet (NASDAQ:GOOGL, GOOG).
What’s Behind the AMZN Stock Increase?
Amazon was able to surpass the $2 trillion market cap with strong growth so far in 2024. This has the company’s shares up 30.3% since the start of the year. It closed out Wednesday with shares priced at $193.61 each.
Investors will note that Amazon has been going through major cost-cutting initiatives over the last couple of years. That’s resulted in a large number of layoffs and other changes to reduce spending.
Another factor that helped Amazon reach $2 trillion was the pandemic. Lockdowns encouraged online spending and it’s the market leader in that space. This saw it reach $2 trillion in market cap after only hitting $1 trillion in 2020.
AMZN stock is up 1.2% as of Thursday morning.
Investors can find even more of the latest stock market stories below!
We have all of the most recent stock market stories ready to go on Thursday! Among that is what has shares of NVDA, Micron Technology (NASDAQ:MU) and Tonix Pharmaceuticals (NASDAQ:TNXP) stock moving today. All of this news is ready at the links below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
