Amazon's market capitalization surpassed $3 trillion for the first time, with shares rising 3.9 percent to $282.28. The move puts Amazon alongside Apple and Microsoft as the only companies to hold that valuation.
AWS is the engine. The cloud unit continues to lead the market in enterprise infrastructure, posting consistent double-digit revenue growth at margins that make it the dominant profit driver for the company. As AI workloads scale, AWS is taking an increasing share of that spend—and the margin profile improves with it.
Amazon's core e-commerce business is also pulling more weight. Investments in fulfillment and last-mile delivery are compressing costs and lifting the retail segment's contribution to operating income, reducing the company's dependence on AWS alone to justify the multiple.
The longer-term case rests on AI. Amazon is investing in proprietary chips, large language models and generative AI services through AWS. These are not side projects—they are the next layer of lock-in for enterprise customers already running on AWS infrastructure, and they represent a credible path to incremental high-margin revenue.
The session was broadly strong for large-cap tech. Microsoft rose 3.9 percent to $483.06 and Alphabet gained 3.0 percent to $366.67, as investors continued rotating toward companies with scalable cloud infrastructure and clear AI revenue exposure.
