NEW YORK — Amazon.com Inc.’s market value topped $2 trillion for the first time in afternoon trade on Wednesday.

The increase in Amazon’s stock market valuation comes just over a week after Nvidia reached $3 trillion and briefly became the most valuable firm on Wall Street.

Amazon | AP News Image

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

Nvidia’s chips power numerous AI applications, so the company’s price has skyrocketed.

Amazon has also made significant investments in AI as the technology’s popularity has increased worldwide.

Amazon | Forbes Image

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

The majority of the company’s attention has been on business-oriented products, such as AI models and a chatbot named Q, which Amazon makes available to businesses that use its cloud computing unit AWS.

In April, Amazon CEO Andy Jassy stated that AI capabilities have reaccelerated AWS’s growth and that it was on track to generate $100 billion in annual revenue.

Amazon | Forbes

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

Last year, the unit’s growth slowed as companies trimmed expenditures due to high inflation.

The digital behemoth has also invested $4 billion in Anthropic, a San Francisco-based AI business, to develop foundation models for generative AI systems. Amazon also creates and designs its own AI processors.

SOURCE – (AP)

Shares of GameStop are jumping ahead of Monday’s market start, fueled by suspicion that the man at the core of the pandemic meme stock frenzy owns a big number of shares in the video game store, potentially worth millions.

GameStock’s stock rose more than 87% in premarket trading.

Keith Gill, also known as “Roaring Kitty” on social media platforms YouTube and X, goes by the handle Deep F- – – – – Value on Reddit. Late Sunday, a Reddit user posted a screenshot in the r/SuperStonk thread, which some believe is an image of Gill’s GameStop shares and call options. The graphic suggested that Gill may own 5 million GameStop shares worth $115.7 million as of Friday’s closing price. The picture also revealed 120,000 call options at GameStop with a strike price of $20 that expire on June 21. The call options were purchased at approximately $5.68 per piece.

Gamestop | CNBC Image

GameStop Leaps In Premarket As Roaring Kitty May Hold Large Position

Gill’s account on X also tweeted an image of a reverse card from the popular game Uno on Sunday night. There was no associated text for the image.

This latest behavior comes just three weeks after Gill emerged online for the first time in three years, causing GameStop’s stock price to rise. In May, the “Roaring Kitty” account shared an image on X of a man sitting forward in his chair, a meme commonly utilized by gamers when things become serious.

The post on X was followed by a YouTube video from years ago in which Gill defended the troubled corporation GameStop, saying, “That’s it for now because I’m out of breath. FYI, here’s a fast 4-minute video I made to summarize the $GME bull argument.

Gamestop | CFA Image

GameStop Leaps In Premarket As Roaring Kitty May Hold Large Position

In 2021, GameStop was a video game retailer battling to survive as consumers shifted fast from discs to digital downloads. Big Wall Street hedge funds and major investors were betting against it or shorting its stock with the expectation that its shares would continue to fall precipitously.

Gill and many who agreed with him reversed the course of a firm that appeared to be on the verge of collapse by purchasing thousands of GameStop shares despite practically all acknowledged indicators indicating that the company was in serious trouble.

That triggered what is known as a “short squeeze,” in which large investors who had bet on GameStop were obliged to buy its swiftly increasing stock to offset significant losses.

Gamestop | EW Image

GameStop Leaps In Premarket As Roaring Kitty May Hold Large Position

Others that joined the viral rush on Monday include movie theater company AMC Entertainment Holdings, which is up more than 26% in premarket trading. Koss Corp., a headphone producer, increased by more than 14%, while BlackBerry, the once-dominant smartphone maker, increased by more than 4%.

SOURCE – (AP)

DETROIT — The US government’s highway safety department is looking into Amazon’s self-driving robotaxi company after two vehicles braked unexpectedly and were rear-ended by motorcyclists.

The National Highway Traffic Safety Administration announced Monday that it will assess Zoox’s automated driving system.

Both accidents occurred during the sunlight, and the riders sustained minor injuries. In all cases, the agency established that the Amazon vehicles operated in autonomous mode before the crashes.

AP – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to the government, the investigation will focus on the performance of the company’s automated driving system during the crashes and how it operates in crosswalks near pedestrians and other vulnerable road users.

A message was left early Monday requesting a response from the company.

Zoox reported the crashes by a requirement granted to automated vehicle firms in 2021.

Zoox – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to estimates, Amazon paid more than $1 billion for Zoox in June 2020. In 2023, the Foster City, California-based business announced that one of its unique-looking four-person shuttles would automatically transport personnel on public highways along a mile-long (1.6-kilometer) route between two facilities.

The corporation then planned to develop an exclusive shuttle service for its employees. Analysts believe Amazon will deploy the system for autonomous deliveries.

The cars feature no steering wheel or pedals. The interior is carriage-style, with two benches facing each other. It is a little under 12 feet (3.7 meters) long, about a foot (a third of a meter) shorter than a conventional Mini Cooper, and can reach 35 mph (56 km/h).

Zoox – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

The company was already under investigation by the NHTSA. In March 2022, the government began investigating the company’s certification that its car fulfilled federal safety standards for motor vehicles.

The agency stated at the time that it would investigate if Zoox used its testing techniques to establish that certain federal criteria did not apply due to the robotaxi’s unique configuration.

SOURCE – (AP)