AMZN: Amazon Stock Soars to $2 Trillion as Fifth US Company to Hit the Milestone

Amazon traces its humble beginnings to a basement and is now a formidable force of ecommerce and cloud computing.

• Amazon stock AMZN rose above the monumental $2 trillion milestone for the first time after investors scooped up its shares to a 3.9% daily increase on Wednesday. The corporate giant became the fifth company to hit the lofty milestone. Apple AAPL, Microsoft MSFT, Nvidia NVDA and Alphabet GOOGL are the only other four companies.
• The recent tech stock rally helped Amazon hit the colossal figure as its shares are now standing on nearly 30% in gains for the year. The company, which traces its humble beginnings to starting out in a basement, has become a formidable force in ecommerce and cloud computing. For 2023, Amazon brought in revenue of $575 billion, ranking second after Walmart’s WMT eye-popping $639 billion.
• Reaching the upper echelon of the world’s biggest corporations hasn’t been easy. Amazon first hit the $1 trillion milestone in 2018 and had to work six more years for the second one. Fun fact: the Jeff Bezos-founded company was losing money for the first 10 years of its existence and turned a profit of $35 million in 2003. Before that, the dot-com bubble crashed the stock from $113 down to $5.50 a share. Do we say here “Here’s how much you’d have now if you invested $1,000 in 1999 instead of being 2 years old?”