Amazon crossed $3 trillion in market value for the first time on August 3, becoming only the fifth company in history to reach that threshold. The milestone puts Amazon alongside Nvidia, Alphabet, Microsoft and Apple as the only companies ever to reach a $3 trillion valuation.

Shares climbed as much as 5.3 percent following second-quarter results that showed cloud computing revenue accelerating faster than Wall Street expected. Amazon Web Services posted $42.2 billion in quarterly revenue, up 37 percent year-over-year, marking its fastest growth rate in 18 quarters.

Total company revenue reached $200.61 billion for the quarter, beating analyst forecasts of $196.47 billion and marking the first time Amazon has crossed the $200 billion mark in a single quarter. The results suggest that heavy AI infrastructure spending, which had weighed on investor sentiment earlier this year, is now translating into faster cloud growth rather than just higher costs.

Amazon reached its first $1 trillion valuation years ago and hit the $2 trillion mark in June 2024, meaning the company added its third trillion dollars of value in just over two years, a pace that reflects how quickly AI-driven cloud demand has reshaped investor expectations for the business. Shares have gained more than 23 percent so far this year.

The milestone places Amazon in an elite group of AI infrastructure winners. Nvidia, Microsoft and Alphabet have all benefited from surging enterprise demand for cloud computing and AI services, and Amazon’s results suggest AWS is now capturing a larger share of that spending after a period in which some analysts worried it was falling behind Microsoft Azure and Google Cloud in the AI race.

Investors will be watching whether AWS can sustain a 37 percent growth rate in coming quarters, given that Amazon has committed tens of billions of dollars to data center and chip capacity to meet AI demand from enterprise customers.

The rally also reflects a broader shift in how investors are pricing AI spending across big tech. Where heavy capital expenditure once drew skepticism from Wall Street, Amazon’s results suggest that spending is now converting into visible revenue growth, a pattern that could shape how other cloud providers are judged this earnings season.