Amazon.com has surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday.
The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street.
Nvidia’s chips are used to power many AI application 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-focused products, including AI models and a chatbot called Q, which Amazon makes available to businesses that use its cloud computing unit AWS.
In April, Amazon chief executive Andy Jassy said that AI capabilities have re-accelerated AWS’ growth and that it was on pace for $100 billion in annual revenue.
The unit had slowed down in growth last year as companies cut down on costs amid high inflation.
The tech giant has also invested $3 billion in the San Francisco-based AI company Anthropic to develop so-called foundation models that underpin the generative AI systems.
Amazon also makes and designs its own AI chips.
