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Amazon is the driving force of the stock exchange
The company's shares rose 3.9% to $193.61, giving the e-commerce giant a market value above the $2 trillion barrier, putting it in the same club as leading technology companies Microsoft Corp, Apple Inc, Nvidia Corp and Alphabet – reports Reuters.
U.S. stock indexes have posted strong gains this year thanks to continued enthusiasm around artificial intelligence, optimism about the resilience of the U.S. economy and a potential cut in interest rates by the U.S. central bank.
Quotes on Wall Street have reached almost record levels, largely driven by shares of companies such as Amazon and Nvidia, reports finance.yahoo.com.
Amazon invests in startups
Amazon's shares, which were included in the Dow Jones Industrial Average index of the largest companies in February, have increased by over 26% this year. Amazon Web Services is the world's largest cloud services provider, and Amazon's trend has returned to growth after declining last year, thanks to the growing popularity of AI technology.
The Seattle-based American company also invested in AI startup Anthropic and robotics company Figura as it looks to capitalize on the artificial intelligence boom.
Late last year, Amazon unveiled a new generation of purpose-built data center chips for use in machine learning and generative artificial intelligence training.
