Amazon marked an amazing new first, topping $2 trillion in market value for the first time and becoming the fifth company to join the club.
Shares of Amazon, which hit a record $193.61 per share on Wednesday, now has a market cap of $2.015 trillion, as tracked by Dow Jones Market Data Group. It’s been 1,105 days since the last trillion milestone. Shares have advanced over 24% this year, beating the Nasdaq Composite’s nearly 19% rise.
Bank of America raised its price target on the world’s largest online retailer to $220 per share from $210, noting progress in AI and improving logistics among the reasons for the boost. This would be a 15% advance from current levels.
It also comes ahead of Amazon’s Annual Prime Day, set for July 16 and 17, when Prime members are doled out deals and discounts. Last year, the first day of the event was the single largest sales day in the company’s history with over 375 million items sold. During the second quarter of 2023, the company reported an 11% rise in sales to $134 billion compared to the same period a year-ago.
The run-up in the stock is good news for founder Jeff Bezos, who owns 9% of company shares. He is currently the world's second-richest person after Elon Musk with a net worth of $210 million, per Forbes.
Warren Buffett’s Berkshire Hathaway is the second-largest single owner with a 0.10% stake, followed by CEO Andy Jassy holding 0.2%, according to ThomsonOne. Jassy replaced Bezos in 2021.
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It’s been a stellar year for tech with Nvidia, Apple and Microsoft all hovering above $3 trillion in value, in part thanks to doubling down on AI.
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Last week, Nvidia briefly overtook Microsoft for the top spot.
