Amazon hits $2 trillion in valuation on AI fervor, rate cut bets

The stock rose 3.1% to $192.1, giving the e-commerce giant a market value of $2 trillion

Amazon logo.

Credit: Reuters File Photo

Amazon.com Inc hit $2 trillion in market value on Wednesday, becoming the fifth US company to surpass that level as investors pile into technology-related stocks on optimism around artificial intelligence and potential interest rate cuts.

The stock rose 3.1 per cent to $192.1, giving the e-commerce giant a market value of $2 trillion and putting it in the same club as technology heavyweights Microsoft Corp, Apple Inc , Nvidia Corp and Alphabet.