Amazon shares hit a new all-time high above $287, rising about 19% year to date and pushing its market capitalization near $3 trillion. The rally follows quarterly results in which Amazon Web Services grew 37%, its fastest pace in 18 quarters, and contributed $16.6 billion of the company's $27.5 billion in operating income. CEO Andy Jassy noted that AI and chips businesses each surpassed $25 billion run rates. The stock trades at a trailing price-to-earnings multiple of 22, though that figure includes a $53.4 billion other-income gain primarily from an investment in Anthropic; its forward P/E is around 23.
