(Bloomberg) -- Amazon.com Inc. joined fellow technology behemoths Meta Platforms Inc., Microsoft Corp., and Nvidia Corp. in setting a fresh record as the e-commerce and cloud computing giant’s shares extended gains. 

The stock rose 1.7% to close at $189.05 on Thursday, surpassing its previous closing high of $186.57 set in July 2021, according to data compiled by Bloomberg. Amazon is the last of the five biggest US tech firms to reach an all-time high in the rebound from the post-pandemic selloff.

Amazon shares had more than halved as demand for online shopping cooled, costs surged and growth at its lucrative Amazon Web Services unit slowed. It had been the only company of the five biggest US tech firms that failed to enter record territory in recent months.

In a bid to win over investors, Amazon has pledged to slash costs and restructure its business. Its efforts to streamline its operations have helped boost profits and win over shareholders.

Analysts are also turning more positive on the company’s retail business. Morgan Stanley analyst Brian Nowak said that upside to retail profits is increasing confidence in the e-commerce giant’s ability to deliver stronger profitability and free cash flow in the coming years. 

The next catalyst for shares is likely to be Amazon’s first-quarter earnings release, expected at the end of April. TD Cowen analysts led by John Blackledge see the company’s cost cutting measures and a new-found focus to boost first-quarter results. 

(Updates stock moves at market close.)

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