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Amazon Crossed $2 Trillion In Market Capitalization For The First Time

by THEFUTURE.TEAM

June 28, 2024

Amazon reported a market capitalization of $2 trillion for the first time, becoming one of the few companies in the world to pass the milestone.

KEY FACTS

Amazon‘s market capitalization surpassed $2 trillion on Wednesday after its shares hit a record high of $193.
The online commerce giant joins Microsoft, Apple, Nvidia and Alphabet as the only public companies in the world worth $2 trillion or more.
Bank of America raised its price target on Amazon shares from $210 to $220, suggesting another 12% upside for the stock and a market capitalization of $2.3 trillion.

FORBES ASSESSMENT

The net worth of Jeff Bezos, Amazon’s founder and chairman, grew by nearly $6 billion on Wednesday, according to Forbes. Bezos’ net worth of $209 billion is the second largest in the world, trailing only Tesla CEO Elon Musk’s net worth of $219.2 billion. Bezos, who owns about a tenth of Amazon’s capital, is $35 billion richer than he was at the end of 2023.

KEY STORY

Bezos’ growing wealth came on the heels of a rally in Amazon’s stock. Shares are up 27% year-to-date and 130% since the start of last year. Now led by CEO Andy Jassy, Amazon is among the most profitable companies in the first quarter, with a net income of $10.4 billion, a huge improvement from a loss of $3.8 billion in the first quarter of 2022 and a profit of 3.2 billion in the first quarter of 2023. In addition to Amazon’s growing profit, its stock is also getting a boost from broader investor interest in AI, with Amazon Web Services among the most recognizable AI products on the market. Amazon’s market value is set to grow by more than $400 billion in 2024, outpaced by Microsoft and Apple’s gains of more than $500 billion, respectively, and Nvidia’s $1.8 trillion hit.

Oil Prices Dip Amid Rising U.S. Crude Inventories and Middle East Tensions

by THEFUTURE.TEAM

October 23, 2024

Oil prices experienced a slight decline on Wednesday following reports of a larger-than-expected increase in U.S. crude inventories. This drop was moderated by ongoing concerns over Middle East tensions, particularly as Israel continued its military actions in Gaza and Lebanon.

Brent crude futures saw a slight decrease of 0.3%, settling at $75.84 per barrel, while U.S. West Texas Intermediate (WTI) crude futures also dipped 0.3% to $71.54 per barrel. Despite the decline, oil prices had risen earlier in the week, supported by uncertainty over how the Israel-Iran conflict might evolve, especially following U.S. Secretary of State Antony Blinken’s diplomatic efforts in Israel.

Meanwhile, the American Petroleum Institute (API) reported a 1.64 million barrel rise in U.S. crude stocks last week, significantly higher than analysts’ expectations of a 300,000-barrel increase. This unexpected stockpile increase weighed on the market, adding pressure to oil prices.

Analysts are also keeping an eye on China’s economic stimulus efforts, which could positively influence global oil demand. Market strategists, like Yeap Jun Rong, have noted that the potential for a longer conflict in the Middle East could lead to continued price volatility.

This situation, combined with geopolitical risks and economic variables, continues to impact global oil markets, leaving traders wary of further price shifts.