Amazon has been making big investments in artificial intelligence and a chatbot called Q. Photo / Mark Lennihan, AP, File
Amazon has been making big investments in artificial intelligence and a chatbot called Q. Photo / Mark Lennihan, AP, File
Amazon.com Inc. surpassed US$2 trillion ($3.28t) in market value for the first time in afternoon trading on Wednesday (today NZT) in New York.
The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3t and briefly became the most valuable company on Wall Street.
Nvidia’s chips are used to power many AI applications and its valuation has soared as a result.
Amazon has also been making big investments in AI as global interest has grown in the technology.
Most of the company’s focus has been on business-products, including AI models and a chatbot called Q, which Amazon makes available to companies that use its cloud computing unit AWS.
In April, Amazon chief executive Andy Jassy said AI capabilities had re-accelerated AWS’ growth and that it was on pace for US$100 billion in annual revenue.
The unit had slowed down in growth last year as companies cut costs amid high inflation.
The tech giant has also invested US$4b in the San Francisco-based AI company Anthropic to develop so-called foundation models that underpin the generative AI systems.
The chief executives: Nvidia’s Jensen Huang; Microsoft's Satya Nadella; Google’s Sundar Pichai. Photo / FT montage, Getty Images
According to Forbes and Google Finance today, seven companies are worth more than US$1t by market capitalisation, which is calculated by multiplying the number of shares by the value of shares.
