Amazon Hits $2 Trillion Market Cap for First Time on Intraday Basis, Stock Rises 3.2% to $192.23

Jun 26, 2024, 04:29 PM

Amazon has reached a significant milestone by hitting a $2 trillion market valuation for the first time on an intraday basis, driven by an artificial intelligence-fueled rally and optimism around potential rate cuts. The company's stock rose 3.2% to $192.23, achieving a new all-time high. Bank of America has raised its price target for Amazon to $220 per share, reiterating it as a large-cap 'Top Pick.' Amazon's logistics powerhouse is projected to deliver over 9 billion packages globally this year. Additionally, Amazon plans to launch a discount section on its site, featuring items shipped directly from China, in response to competitors like Temu and Shein.