Amazon tops $3T market cap after Q2 beat, lifts 2026 capex to $220B
What's the deal? Amazon crossed $3 trillion in market capitalisation for the first time on August 3, after shares climbed about 4.8% to a record high on stronger-than-expected second-quarter earnings.
By the numbers: Amazon reported adjusted earnings per share of $1.97, beating estimates of $1.82. Revenue rose to $200.61 billion, ahead of the expected $196.47 billion.
What's driving it? Amazon Web ServicesDealroom has a profile for this one. Try Dealroom →, the company's cloud arm, generated $42.2 billion in revenue, topping forecasts of $40.54 billion on robust AI-related demand.
Why now? Chief executive officer Andy Jassy raised Amazon's 2026 capital expenditure forecast to $220 billion, from $200 billion, citing surging AI infrastructure demand. He said capacity is expected to remain constrained through 2028.
The signal: Amazon's entry into the $3 trillion club underscores how AI-driven cloud demand is reshaping big tech's growth — and its spending. The earnings beat came amid a broad wave of corporate activity on Wall Street, including large merger announcements and fresh IPOs.
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