Amazon hits US$2 trillion in value as AI frenzy fuels rally

Amazon.com Inc. has reached a US$2 trillion ($2.72 trillion) market valuation for the first time ever as an artificial intelligence-fueled rally pushed the tech giant deeper into record territory. 

Shares rose 3.9% on Wednesday to close at US$193.61, pushing the market value to more than US$2 trillion. The company is now a member of an elite club of a handful of peers that have surpassed the key market capitalisation. Alphabet Inc. passed the US$2 trillion threshold in late April, while rallies have pushed market values of Nvidia Corp., Microsoft Corp. and Apple Inc. to more than US$3 trillion.