Shares of Amazon rose 3.9% on Wednesday, closing at $193.61 and pushing the company’s market value to over $2 trillion. This milestone comes as Amazon invests heavily in generative AI to enhance its business, especially in the cloud sector.

Amazon’s valuation surpassing $2 trillion marks a historic first for the tech giant, joining the ranks of Microsoft, Apple, Nvidia, and Alphabet, which are the only other companies with valuations above $2 trillion. This achievement follows Amazon’s strong quarterly earnings report, where the company saw a 13% increase in net sales and nearly doubled its operating income from cloud services.

Andy Jassy, Amazon’s president and CEO, noted last month that the earnings reflected a “good start to the year” across its key business segments: retail, cloud, and advertising. He attributed the accelerated growth of AWS, now at a $100 billion annual revenue run rate, to the renewed focus on infrastructure modernization and the appeal of AWS’s AI capabilities.

In March, Amazon invested $2.75 billion in Anthropic to complete a $4 billion investment commitment made last year. The company has also invested billions in countries like Singapore, France, and Germany to meet the growing demand for cloud infrastructure and AI. Additionally, Amazon supports early-stage startups through its generative AI accelerator.

Earlier this month, Amazon faced a billion-pound lawsuit from UK retailers over alleged misuse of their data, marking one of the largest collective action cases in the UK. Shortly after, Amazon was ordered to pay nearly $122 million after a US court found the company guilty of patent violations against New York-based adtech company AlmondNet.