Amazon tops $3 trillion market cap as stock continues post-earnings surge

Shares of Amazon hit a new all-time high on Monday, putting its market cap over the $3 trillion threshold following a better-than-expected earnings report last week.

Monday’s new record is the best day for Amazon since May 5. Shares are up roughly 4%.

The jump comes after the company reported a surge in cloud growth during the second quarter on the back of strong artificial intelligence demand. It reported adjusted earnings per share of $1.97 versus estimates of $1.82 per share. Revenue came in at $200.61 billion, beating the $196.47 billion analysts estimated.