Amazon reached a $2 trillion market capitalization for the first time on Wednesday, joining a select group of companies valued at over $2 trillion. This milestone was driven by the recent AI-driven tech rally. Amazon's market cap hit $2 trillion in the early afternoon, with its stock trading at a record, split-adjusted share price of $193, gaining about 3.5% to reach a peak value of $2.01 trillion. This achievement places Amazon alongside Microsoft, Apple, Nvidia, and Alphabet as the only public companies in the world worth $2 trillion or more.

Contributing to this surge was a modest tech rally and a bullish note from Bank of America analysts, who increased their price target for Amazon stock from $210 to $220, suggesting a potential market cap of $2.3 trillion. Jeff Bezos, Amazon’s founder and board chairman, saw his net worth grow by nearly $6 billion on Wednesday, making him the richest person in the world that day. His fortune now stands at $209 billion, second only to Tesla CEO Elon Musk's $219.2 billion net worth. Bezos, who owns about a tenth of Amazon’s equity, is $35 billion wealthier than he was at the end of 2023. This increase in Bezos' wealth coincides with Amazon's extended stock rally, up 27% year-to-date and 130% since the beginning of last year, and its most profitable first quarter ever, with a net income of $10.4 billion.