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Amazon CEO Andy Jassy.

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Amazon shares climbed more than 3% in intraday trading on Wednesday, pushing the company’s market cap past $2 trillion for the first time.

In crossing the milestone, Amazon joins Nvidia, Apple, Alphabet and Microsoft, all of which are worth $2 trillion or more. Investors have piled into tech stocks recently as excitement around generative artificial intelligence has reached a fever pitch. Nvidia, which makes graphics processors for the servers that power large AI models, has been one of the biggest beneficiaries, with its market value soaring from $2 trillion to $3 trillion in just over 3 months.

Shares of Amazon have surged roughly 26% so far this year, while the tech-heavy Nasdaq has risen about 18% over the same period.

In April, the company reported first-quarter earnings that showed its Amazon Web Services business was continuing to rebound from a recent slowdown caused by businesses who trimmed their cloud spend. Amazon executives also spoke at length about how AWS can benefit from a surge in demand for generative AI services.

Investors have also cheered the company’s recent cost-cutting initiatives, which fueled Amazon’s earnings growth in recent quarters. Amazon CEO Andy Jassy has been on a multi-year quest to reign in the company’s spending, including widespread layoffs that have affected more than 27,000 Amazon employees.

It took Amazon more than four years to cross the $2 trillion milestone. Its market cap reached $1 trillion in 2020, the second time in its history after hitting the benchmark for the first time in 2018.

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Sergey Brin points to where Google Glasses failed — and what Android XR gets right

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Sergey Brin points to where Google Glasses failed — and what Android XR gets right

Google DeepMind Demis Hassabis and Google co-founder Sergey Brin sat for an interview at Google I/O.

Jennifer Elias

Google on Tuesday announced that it’s getting back into the smart glasses game, and co-founder Sergey Brin said that this time will be different. 

“I’ve learned a lot,” Brin said Tuesday at a fireside chat during the annual Google I/O developer conference. 

His appearance came after Google announced a partnership with Warby Parker, which saw its stock rise more than 15% after the two companies said they plan to launch a series of smart glasses as soon as next year. The glasses will be built on top of Google’s Android XR, an operating system for headset computers, and they’ll include Google’s Gemini AI assistant that users can speak with to control the wearable devices.

Brin’s comments came in an impromptu appearance at a conference chat scheduled between Google DeepMind CEO Demis Hassabis and journalist Alex Kantrowitz about “the future of AI and its impact on our world.” 

During the chat, Brin said that with the rise of generative artificial intelligence, Alphabet is able to revive the idea of Google Glass, the wearable devices the company launched in 2013 for $1,500. 

“I definitely feel like I made a lot of mistakes with Google Glass, I’ll be honest,” Brin said, adding that he is still a big believer in the glasses form factor. 

“And now it looks like normal glasses without that thing in front,” he said, referring to the visible camera that existed on the corner of the original Google Glass prototype.

Google co-founder Sergey Brin demonstrates Google’s new Glass, wearable internet glasses, at the Google I/O conference in San Francisco, Wednesday, June 27, 2012. The audience got live video feeds from their glasses as they descended to land on the roof of the Moscone Center, the location of the conference. (AP Photo/Paul Sakuma)

Paul Sakuma

Brin attributed the failure of Google Glass in part to “a technology gap.” Since 2013 when Google Glass was launched, the company has developed advanced AI technology that powers Gemini, its flagship AI product and a key component for users to control a wearable device.

“Now, in the AI world, the things these glasses can do to help you out without constantly distracting you — that capability is much higher,” he said. 

Brin also said that during his first attempt at the Google Glass, he didn’t know anything about supply chains and how to get the glasses to a reasonable price point.

The Google co-founder’s comments come as companies race to compete for wearable glasses as a form factor for AI products. Meta partnered with EssilorLuxottica, the maker of Ray-Ban, to make smart glasses that have a camera for capturing photos and videos. Apple is reportedly working on smart glasses that use augmented reality.

Besides Warby Parker, Google on Tuesday said it will partner with developers and device makers for Android XR, including Samsung, Qualcomm, Sony, Xreal and Magic Leap. Google’s annual developer conference also included a number of updates to its AI products, including a new high-end subscription service called Google AI Ultra, which costs $249.99 per month.

Google announces Android XR and their partnerships with Gentle Monster and Warby Parker during Google’s annual I/O developers conference in Mountain View, California on May 20, 2025.

Camille Cohen | AFP | Getty Images

Glass was first sold to developers and early adopters and gained popularity mostly among tech enthusiasts. Despite backing from Brin and fellow Google co-founder Larry Page, the Glass project never caught on as a mainstream product. The built-in camera led to fights over privacy, and the product became the butt of jokes on late-night television. The company tried to re-launch it as an “enterprise” product, but Google in 2023 announced that it would stop selling its Glass Enterprise smart glasses.

Brin on Tuesday joked about the infamous skydivers that introduced the glasses at Google I/O in 2012, which took place at San Francisco’s Moscone Center. At the time, four Google employees skydived out of a plane, live streaming their jump through their Google Glasses.

“Honestly, it would have been even cooler here at Shoreline Amphitheater,” Brin said, referring to the Mountain View, California, venue that’s currently used by Google for the conference.

“But we should probably polish the product first,” he said, which drew laughs from the audience. “Then we’ll do a really cool demo. That’s probably the smart move.”

WATCH: Balancing search, AI at Google I/O

Balancing search, AI at Google I/O

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Armenian organized crime rings charged with stealing $83 million in Amazon cargo

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Armenian organized crime rings charged with stealing  million in Amazon cargo

The Amazon Prime logo is displayed on Amazon delivery trucks in Richmond, California, June 21, 2023.

Justin Sullivan | Getty Images

Department of Justice officials on Tuesday charged members or associates of an Armenian organized crime ring with stealing more than $83 million worth of cargo from Amazon by posing as legitimate truck drivers and siphoning off goods destined for the company’s warehouses.

Since at least 2021, at least four people linked to the crime ring carried out a scheme across California to steal truckloads of merchandise, ranging from smart TVs and GE icemakers to SharkNinja vacuums and air fryers, the DOJ alleged.

“At present, Amazon is plagued by recurring thefts of its shipments, which is commonly referred to as ‘cargo theft,'” the complaint says.

Amazon has ramped up its efforts to track and shut down fraudulent, deceptive and illegal activities on its sprawling online store. Eliminating stolen goods is particularly challenging. CNBC reported in 2023 that Amazon suspended dozens of third-party merchants it alleged were selling stolen goods, though many of those sellers claimed they were unknowingly caught in the scheme, putting their businesses at risk of survival.

Amazon isn’t the only retailer afflicted by cargo theft. Experts told CNBC cargo theft-related losses are estimated at close to $1 billion or more a year.

In its complaint, the DOJ said the alleged fraudsters operated four transport carriers — AK Transportation, NBA Holdings, Belman Transport and Markos Transportation — that would obtain contracted freight routes from Amazon Relay, an application used by truckers to obtain work, also referred to as loads.

Each trucker is assigned a load for pickup from a manufacturer’s warehouse to be dropped off at an Amazon facility. Instead, the groups would divert from their designated routes, take a portion of the goods off the trucks and resell them or gift them to associates, prosecutors allege.

In some cases, the “self-styled carriers” would complete their deliveries at an Amazon warehouse several days after they were expected to show up, according to the complaint.

DOJ officials seized the alleged fraudsters’ iPhones and found photos and videos of warehouses lined with boxes of crockpots, Keurig coffee machines, keratin shampoo, Weber grills and other goods.

Amazon teams cooperated with DOJ officials in their investigation, including sharing information about the stolen goods, and details of the alleged fraudsters’ accounts on its online marketplace.

Representatives from Amazon didn’t immediately respond to a request for comment.

DOJ officials linked the defendants to a litany of other alleged crimes, including attempted murder, kidnapping, illegal firearm possession and health-care fraud. Several of the 13 defendants are expected to appear in a Los Angeles district court on Tuesday and Wednesday, while one of the defendants appeared in a court in Fort Lauderdale, Florida, on Tuesday and was detained.

WATCH: Amazon reportedly exploring foldable phone

Amazon reportedly exploring foldable phone

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Fortnite approved by Apple, returns to U.S. App Store 5 years after removal

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Fortnite approved by Apple, returns to U.S. App Store 5 years after removal

Thomas Fuller | SOPA Images | Lightrocket | Getty Images

Apple approved the Epic Games title Fortnite on Tuesday, returning the first-person shooter game to the App Store in the U.S., five years after its removal.

Fortnite was kicked off the App Store in 2020 after Epic updated its game over the web to take payments directly, instead of through Apple’s in-app payment mechanism, which takes fees up to 30%. The move angered Apple and kicked off a years-long legal battle.

Last month, Epic scored a victory in court, when a judge ruled that Apple wasn’t allowed to charge a commission when apps link out for payment, or dictate whether the links look like buttons. Epic said last week that it had submitted Fortnite to the U.S. App Store. To return, Fortnite had to pass App Review, Apple’s process in which new apps or updates are reviewed by Apple employees to ensure they work and adhere to the company’s guidelines.

Apple had dragged out its approval process for the app since May 9, when Epic submitted it to Apple. Last week, Epic filed a legal challenge, and on Monday, a judge said that Apple had to explain why Fortnite hadn’t been approved yet or come to a resolution with Epic over the game’s status.

Apple is appealing the latest court order, and looking to get a pause enabling it to roll back changes the company has already made to the App Store in response. An Apple representative didn’t immediately return a request for comment.

Last month’s ruling led major app makers such as Amazon and Spotify to change their apps to accommodate links to buy content. For example, users can now buy Kindle books inside the Kindle app on an iPhone.

Amazon and Spotify were able to update existing apps that had already been approved with changes enabled by last month’s order. After Epic sued Apple, the iPhone maker revoked Epic’s developer account in addition to booting Fortnite.

Epic was able to get a European developer account and now offers Fortnite in Europe through a third-party app store under the Digital Markets Act, which went into effect last year. IPhone users can also play Fortnite through cloud gaming services. But even in Europe, Apple tried to terminate Epic’s account before backing off, Epic said.

The fees that Apple takes from the App Store are an increasingly important part of Apple’s business. They’re reported in Apple’s Services business, which also includes advertising, AppleCare warranties, payments, and subscription offerings such as Apple TV+. Apple reported nearly $27 billion in services revenue during the March quarter.

WATCH: Interview with Epic Games CEO

Epic Games CEO: Apple can either determine its own destiny or 'face the onslaught' of litigation

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