Amazon Eases to $2.93 Trillion After Nearing $3 Trillion Peak

Amazon shares took a breather on May 18 after surging to a peak market cap of roughly $2.99 trillion earlier in May. The stock had rallied sharply on strong AI-driven demand for AWS, reaching an intraday record high of 278.56 on May 5 before easing roughly 3% to close near $2.93 trillion. Despite the pullback, fundamentals remain robust with Q1 net sales up 17% year-over-year and AWS revenue surging 28% with operating margins above 35%. Analysts remain overwhelmingly bullish, with 95% of 74 covering the stock issuing buy ratings.