Amazon market value tops $3 trillion as AI lifts cloud demand

Aug 3 (Reuters) - Amazon's market value topped $3 trillion for the first time on Monday after a sharp rally tied to strong earnings and signs the AI boom is lifting demand for its cloud-computing services, the company's main profit engine, Reuters reported via KELO. Shares were last up 5% at $285.01, a record high, and have gained over 23% so far this year. Last week the stock posted its biggest one-day jump since April 2012 after Amazon delivered its strongest cloud growth in more than four years and raised its annual capital spending forecast. Other hyperscalers also rose Monday, with Microsoft up 4%, Meta Platforms 6%, Alphabet 3.6%, and Oracle 5%, Reuters reported. Nationwide's Mark Hackett said markets had worried hyperscalers would throttle AI spending and that Amazon and Microsoft results gave a broader all-clear. Apple, Microsoft, Alphabet, and Nvidia have previously reached $3 trillion market value; Nvidia remains the world's biggest company by that measure, the report said.