Amazon’s market value topped a new all-time high of $3 trillion following strong second-quarter earnings as the AI boom drives demand for the firm’s cloud business.
Despite investor jitters about the Iran war, inflation, and AI spending, corporate profits generally keep climbing. Microsoft and Oracle — along with Amazon — all beat revenue expectations for the second quarter, a sign that AI is helping to bolster growth.
One market strategist told Reuters that “Amazon is probably the most emblematic of the economy right now.” And absent a turndown on AI spending among hyperscalers, tech companies have “unleashed a much broader all-clear for the market.”
