Horizon Investments CIO Scott Ladner and Walser Management President Rebecca Walser discuss upcoming inflation data, the liquidity crunch and the market outlook.
Amazon hit a stunning new record by becoming just the fifth company to join the club, with its market capitalization now exceeding $2 trillion for the first time.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Amazon | Amazon.com Inc. | 193.61 | +7.27 | +3.90% |
Amazon’s stock hit a record high of $193.61 a share on Wednesday, giving it a market capitalization of $2.15 trillion, according to Dow Jones Market Data Group. It’s been 1,105 days since it last hit the $1 trillion milestone. The stock has risen more than 24% this year, outpacing the Nasdaq Composite’s roughly 19% gain.
Bank of America raised its price target for the world’s largest online retailer to $220 per share from $210, pointing to advances in AI and improved logistics as among the reasons for the increase, which would represent a 15% upside from current levels.
Amazon plans to roll out its custom electric delivery fleet in more than 100 cities by the end of the year, with plans to have 100,000 vehicles across the US by 2030. (Amazon)
This also comes ahead of Amazon’s annual Prime Day, scheduled for July 16 and 17, when Prime members will be treated to great sales and discounts. Last year, the first day of the event was the company’s biggest ever, with more than 375 million items sold. The company reported second-quarter 2023 sales of $134 billion, up 11% year over year.
Jeff Bezos and Lauren Sanchez attend the Mons Maison Premettes cocktail party at La Mercerie on May 5, 2024 in New York City. (Nina Westervelt/WWD via Getty Images)
The rising share price is good news for founder Jeff Bezos, who owns 9% of the company and is currently the second-richest person in the world after Elon Musk, with a net worth of $210 million. From Forbes Magazine.
Warren Buffett’s Berkshire Hathaway is the second-largest single owner with a 0.10% stake, according to ThomsonOne, followed by CEO Andy Jassy with 0.2%. Jassy succeeded Bezos in 2021.
Andy Jassy talks attitude at work
Andy Jassy, President and CEO of Amazon (Kevin Winter/Getty Images)
It’s been a banner year for the technology industry, with Nvidia, Apple and Microsoft all valued at more than $3 trillion each, thanks in part to an increased focus on AI.
NVIDIA, Microsoft, Apple vie for big tech ETF
Last week, Nvidia briefly overtook Microsoft for the top spot.
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