Amazon (AMZN) Surpasses $3 Trillion Market Cap for the First Time; Jim Cramer Rates It a Buy; Should You Invest?

Amazon (AMZN) opened the trading week eclipsing a $3 trillion market cap for the first time in its history, as shares climbed 4%. Amazon’s Q2 earnings came out last week, lifting forecasts for the stock as revenue skyrocketed. Monday’s new record is the best day for Amazon since May 5. As a result of the earnings report and gains, notorious Wall Street analyst for CNBC, Jim Cramer, has called for hungry investors to purchase AMZN stock now.

Amazon 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. Amazon’s stock is now up 17% YTD, picking up steam after shares fell in value throughout June. Heading into the earnings report, Wall Street was closely watching Amazon’s cloud growth and capital expenditures on AI infrastructure. While expenditure will climb according to the e-commerce giant, AWS’ stellar revenue is driving the momentum for Amazon, sending its stock to a two-month high.

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