The e-commerce giant’s shares closed up about 13.5 per cent at US$3,152.79, coming close to the record for biggest single-day increase in market capitalization. It comes the day after Facebook’s parent company Meta broke the record for the largest drop. (Bloomberg)

Talking point: Amazon released quarterly earnings after markets closed Thursday, reporting a nine per cent revenue bump. It gained almost US$12 billion from its investment in the electric-vehicle manufacturer Rivian. Amazon Web Services revenue jumped nearly 40 per cent to US$17.8 billion and Amazon broke out advertising as a separate business, showing ad-revenue growth nearly equal to that of Google. The company also announced it would soon raise Prime membership prices for the first time since 2018 from US$119 to US$139—though Canadians will be spared from the increase. Meta’s shares, meanwhile, continued to fall in intraday trading. They dropped more than three per cent to a low of US$230.11 before closing down less than 0.3 per cent.