Amazon reaches $2 trillion valuation

(CNN) Amazon has officially became part of the $2 trillion club joining the ranks of other big tech powerhouses.

Amazon is now the fifth company in the U.S. to make the jump past $2 trillion in market cap worth.

That comes as shares have rocketed more than 50% in the past 12 months.

The company now joins Alphabet, Apple, Microsoft, and Nvidia at the top.

In a letter to shareholders, Amazon’s Chief Executive Andy Jassy said the company is prioritizing its spot as a competitor in AI innovations.