Amazon shares climbed 5% on Monday, pushing the company's market value above $3 trillion for the first time, as continued AI-driven cloud demand sustained a post-earnings rally into a third consecutive session.
Amazon shares climbed 5% in midday trading on Monday, pushing the company's market value above $3 trillion for the first time, as investors continued to reward a stronger-than-expected earnings report from the prior week.
The stock was advancing for a third consecutive session, reflecting sustained buying pressure that followed robust second-quarter cloud growth fueled by continued demand for AI services.
The broader technology sector caught a bid alongside Amazon. The iShares Expanded Tech-Software Sector ETF, known by its ticker IGV, climbed more than 2% in midday trading, though it remains lower by more than 8% year to date. Salesforce shares gained nearly 3%, while Adobe shares rose almost 2%.
AI infrastructure names saw particularly sharp moves. CoreWeave jumped 15%, while Nebius advanced more than 13%. Vertiv, which manufactures cooling systems for data centers, saw shares rise nearly 7%. Photonics companies Coherent and Lumentum gained 9% and 6%, respectively, underscoring investor appetite for the hardware layer supporting AI workloads.
Not all technology names fared as well. Memory storage companies were broadly lower. Micron Technology's stock was down about 1%, Seagate Technology fell 5%, and Western Digital slid more than 4%.
GameStop shares tumbled more than 12% after the video game retailer announced a private exchange of $1.4 billion in convertible senior notes for equity. The exchange is expected to close on or about September 23, and GameStop said it would not receive any cash proceeds from the issuance of shares.
Circle Internet Group, the stablecoin issuer, declined almost 5% after Morgan Stanley downgraded the stock to underweight from equal weight. The bank cited tactical and structural headwinds, including a weaker outlook for USDC circulation in 2027.
eBay fell 4% after Wells Fargo downgraded the e-commerce platform to underweight from equal weight, citing concerns that eBay's acquisition of Depop — completed last week — will lead to weaker earnings in fiscal year 2027 and potentially increased marketing expenditure.
SpaceX shares added 2% ahead of the company's first quarterly results as a public company, scheduled for Tuesday. Short sellers have built significant positions in the stock, with bearish bets representing 32.2% of the company's publicly tradable float, according to S3.
Palantir Technologies rose 2% ahead of its own earnings report expected after Monday's closing bell, with analysts anticipating second-quarter revenue of $1.81 billion and earnings of 34 cents per share, according to StreetAccount.
Ferguson Enterprises gained 8% after S&P Dow Jones Indices announced Friday that Ferguson will join the S&P 500, replacing Electronic Arts before the market opens Wednesday.
Alibaba's U.S.-listed shares gained 5% after the company unveiled a new AI model, Qwen3.8-Max, which is set to be officially released next week and is described as one of the most powerful models in the company's portfolio.
Travel stocks also advanced as oil prices declined, with American Airlines and United Airlines each gaining about 5%, and cruise operators Norwegian and Carnival rising 4% and almost 2%, respectively.
Amazon's crossing of the $3 trillion threshold — a level previously held by only a handful of companies — signals that Wall Street is increasingly pricing in durable, AI-fueled growth at the company's cloud division, even as the broader software sector continues to recover from a difficult year-to-date stretch.
Sara Montes de Oca is the Editor in Chief of TechEchelon. Previously a correspondent and producer in Washington, D.C., covering business, finance, and politics.
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