Amazon Surpasses $3 Trillion Market Cap as AI Hyperscalers Rally on Strong Earnings
Major tech stocks surged in midday trading, driven by strong earnings reports and a more favorable geopolitical climate. Amazon's market capitalization crossed the $3 trillion threshold after its AWS revenue grew to $42.2 billion for Q2 2026, up 37% year-over-year (YoY). Microsoft also reported record Azure sales of over $100 billion annually and saw a significant rise in cloud infrastructure demand. Meta Platforms rebounded from earlier losses after its advertising revenue climbed to $59.4 billion for the quarter, an increase of 27%. Alphabet's Google Cloud posted 82% growth at $24.8 billion in Q2 sales while Oracle reported a 93% surge in cloud infrastructure revenue despite remaining down nearly 30% year-to-date. The rally was fueled by strong earnings momentum and reduced geopolitical tensions following President Trump’s decision to cancel strikes on Iran, which helped ease concerns about AI capital expenditures. The Invesco QQQ Trust also rose but at a more moderate pace due to its diversified holdings.
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Topics: AI cloud computing hyperscalers market cap stock performance