{"id":236797,"date":"2024-06-26T19:50:46","date_gmt":"2024-06-26T19:50:46","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/26\/amazon-joins-google-parent-alphabet-with-2-trillion-market-cap\/"},"modified":"2025-06-25T17:16:05","modified_gmt":"2025-06-25T17:16:05","slug":"amazon-joins-google-parent-alphabet-with-2-trillion-market-cap","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/26\/amazon-joins-google-parent-alphabet-with-2-trillion-market-cap\/","title":{"rendered":"Amazon joins Google parent Alphabet with $2 trillion market cap"},"content":{"rendered":"

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Amazon<\/a> shares on Wednesday were up about 4% to nearly $194 as of 2 p.m. ET, pushing the Seattle-based retail giant\u2019s market cap above $2 trillion for the first time.<\/p>\n

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A Bank of America<\/a> note to investors published on Tuesday, which reiterated a buy rating on Amazon\u2019s shares, projects the retailer to deliver more than 9 billion packages globally in 2024. Amazon<\/a> \u201ccould now be the largest U.S. shipper, ahead of UPS,\u201d analysts wrote. \u201cDelivery speed is also dramatically improved, with nearly 25% of estimated units now delivered same or next day.\u201d<\/p>\n

Bank of America raised its price target for Amazon shares to $220 from $210.<\/p>\n

Amazon this year is up nearly 30%\u2014and over the previous 12 months up almost 50%.<\/p>\n

\u2018Runway ahead\u2019<\/h2>\n

The ubiquitous retailer has cut costs and restructured \u201cto better take advantage of the AI frenzy\u201d; meanwhile Amazon Web Services \u201chas shown signs of re-accelerating growth, a major point of optimism for investors,\u201d Bloomberg reported<\/a>. And while Amazon may remain below its remarkable efficiency levels attained in 2018, according to BofA, it exceeded expectations in the first quarter, and there\u2019s still \u201crunway ahead for efficiency gains.\u201d<\/p>\n

Alphabet<\/a>, the parent company of Google<\/a>, hit $2 trillion earlier in 2024. Both firms still trail Microsoft<\/a>, Apple<\/a>, and Nvidia<\/a>, all of which are worth north of $3 trillion.<\/p>\n

Tech firms, especially Nvidia<\/a>, have carried the S&P 500 for much of 2024, with one analyst telling Fortune<\/em>\u2018s Niamh Rowe<\/a> that the chipmaker\u2019s recent dominance was \u201cunheard of,\u201d comparing it to when IBM<\/a> began producing PCs nearly four decades ago.<\/p>\n<\/div>\n

Subscribe to the Fortune Next to Lead newsletter to get weekly strategies on how to make it to the corner office. Sign up for free<\/a>.<\/div>\n<\/div>\n

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[ad_1] Amazon shares on Wednesday were up about 4% to nearly $194 as of 2 p.m. ET, pushing the Seattle-based retail giant\u2019s market cap above<\/p>\n","protected":false},"author":1,"featured_media":236798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/236797"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=236797"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/236797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/236798"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=236797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=236797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=236797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}