Amazon Surpasses $2 Trillion Market Capitalization Milestone
Amazon’s market capitalization has reached an unprecedented $2 trillion, making it one of the only companies to achieve this feat. According to economic media, the company’s stock price rose 3.9% on Wall Street, reaching $194 (approximately 181 euros) per share.
Amazon’s success has been driven by the performance of its division, Amazon Web Services (AWS), which saw a 17% increase in turnover to $25 billion (approximately 23,323 million euros) in the first quarter of 2024. This growth has contributed to the company’s overall increase of almost 26% in its shares so far in 2024, outperforming the benchmark technology index in the US, the Nasdaq, which has appreciated 18% since the beginning of the year.
The impact of generative AI has also played a significant role in Amazon’s success. In a letter to shareholders, CEO Andy Jassy noted that generative AI could be the most important technological transformation since the arrival of cloud computing and probably also the Internet. The company is also developing its own chatbot, Metis, which will compete directly with ChatGPT and can be accessed through a web browser.
Amazon is also intensifying its presence in Spain, having recently announced that it reached 25,000 permanent employees at the end of 2023, two years ahead of schedule. The company has become one of the ten largest private sector employers in the country and has created over 20,000 jobs since 2018, making it the company with the highest rate of job creation in the last five years in Spain.
