From Nasdaq: 2024-06-27 09:25:00

1. Amazon surpasses $2 trillion market capitalization, joining elite group with Microsoft, Apple, NVIDIA, and Alphabet. Stock rose 3.9% to a record price of $193.61 on June 26 due to AI-led tech rally.

2. Amazon reports most profitable first quarter ever with $10.4 billion net income. AWS revenue up 17% year over year to $25.04 billion. Prime services, advertising business, and offline store sales also strong contributors to growth.

3. Amazon investing in AI-driven initiatives and fintech with $4 billion investment in AI company Anthropic. Company may also consider rolling out dividends. Stock price target raised to $220, suggesting 12% upside potential.

4. Bank of America analysts expect Amazon stock to continue rising with strong VGM score and positive industry ranking. Stock currently valued at 42.3 times forward earnings, with earnings growth outpacing share price increase.

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