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Shares of Amazon hit a new all-time high on Monday, putting its market cap over the $3 trillion threshold for the first time following a better-than-expected earnings report last week.
Monday's new record is the best day for Amazon since May 5. Shares closed up 4%.
The jump comes after the company reported a surge in cloud growth during the second quarter on the back of strong artificial intelligence demand. It reported adjusted earnings per share of $1.97 versus estimates of $1.82 per share. Revenue came in at $200.61 billion, beating the $196.47 billion analysts estimated.
The Q2 print also saw Amazon hike its capex estimate as memory prices linked to the AI buildout have continued to rise, CEO Andy Jassy told investors on the conference call.
Capital expenditures are now projected to hit $220 billion this year, he said, up from the $200 billion the company projected in February.
"But even at that amount, we will still not have enough capacity to meet all the demand we have in 2026, and I believe this dynamic will also be true in 2027 too," Jassy said. "In fact, the demand we already have for 2028 is striking."
Amazon Web Services revenue came in at $42.2 billion, flying past StreetAccount expectations of $40.54 billion.
It comes as some of Amazon's biggest cloud rivals also saw major growth in their divisions, with Microsoft Azure cloud revenue rising 43% during the fiscal fourth quarter and Google Cloud reporting 82% growth during their own earnings last week.
CNBC's Annie Palmer contributed to this report.
Amazon stock chart.
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