Amazon surpasses $3 trillion market cap

Amazon's market value topped $3 trillion for the first time on August 3, 2026, following a sharp rally driven by strong quarterly earnings and accelerating cloud growth at Amazon — Amazon Web Services (AWS). AWS revenue jumped 37% to $42.2 billion in Q2, beating analyst estimates, as enterprise AI spending surged. The company raised its capital expenditure forecast to $220 billion, yet investors rewarded the stock, which gained over 23% year-to-date. Amazon joins Apple, Microsoft, Alphabet, and Nvidia in the exclusive $3 trillion club. The results eased concerns about Big Tech's massive AI investments, which are set to exceed $700 billion this year, and highlighted a growing differentiation among the 'Magnificent Seven' as investors favor companies monetizing AI effectively. Amazon's free cash flow turned negative, burning $7.6 billion on a trailing twelve-month basis, but the market focused on AWS's strong growth and AI-driven demand. The company also benefited from partnerships with OpenAI, Anthropic, Meta, and others, and held a successful Prime Day event with over $26.4 billion in spending.