Amazon Hits $3 Trillion Market Cap as Microsoft Posts Biggest Rally in 26 Years

테크주 | Tue Aug 04 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 5 sources

Hyperscaler earnings surprises driven by explosive AI cloud demand triggered a full-scale tech stock rally.

Analysis

[Amazon] crossed $3 trillion market cap for the first time ^[5]

Hit all-time high Monday
closing up 4%
Largest single-day gain since May 5
Better-than-expected earnings released last week fueled the rally

[Amazon Web Services] delivered cloud revenue surprise on AI demand ^[5]

AWS revenue reached $42.2B
beating estimates of $40.54B
Adjusted EPS of $1.97 and revenue of $200.61B topped consensus
Strong cloud segment growth amid the AI boom

[Amazon CAPEX] raised AI infrastructure investment to $220 billion ^[5]

Increased from the $200 billion figure given in February
Rising memory prices driving higher capital expenditure
Capacity to remain below demand through 2026 and 2027

[Microsoft] posted biggest rally in 26 years, erasing year-to-date losses ^[1]^[5]

Strongest rally not seen since 1999
Massive capital expenditures paying off in earnings
Azure cloud revenue grew 43%

[Google Cloud] recorded 82% cloud revenue growth ^[5]

Highest growth rate among the three major hyperscalers
Reflects widening AI infrastructure demand
Joined Amazon and Microsoft in earnings surprises

[Nasdaq and Global Markets] extended tech-led rally into Asia ^[2]^[3]

Wall Street tech gains spilled over into Asian markets
Nasdaq futures trending higher
Individual stocks back in focus as earnings season intensifies

[Jim Cramer] flagged buying opportunity from distorted AI basket trade ^[4]

Preference for AI infrastructure and selling of enterprise software reversing
Fundamentally strong names like ServiceNow and Salesforce emerging
Earnings season prompting reassessment of individual companies

Sources