Today's charts: Amazon crosses $1,000; Alphabet inches higher; Apple developing new AI chip

Yahoo Finance

Amazon (AMZN) – Shares of the e-commerce giant hit a new record high, above $1,000 a share on Tuesday. Amazon crossed the mark within the first hour of trading, joining just four other U.S.-listed companies that trade above that level. Amazon’s current market value is about $478 billion after posting big gains in recent months. The stock has climbed about 33% year-to-date and is up 40% over the past year.

Alphabet (GOOGL) – Class A shares of the parent company of Google are following Amazon’s lead, inching closer to $1,000 a share. The stock was trading at $994.61 as of 12 p.m. ET on Tuesday. Shares have been gaining momentum recently, rallying about 25% since the start of the year.

Apple (AAPL) – Bloomberg is reporting that the tech giant is working on a chip to power artificial intelligence functions on devices, including the iPhone and iPad. The chip, dubbed “Apple Neural Engine,” could also be used for Apple’s plans for self-driving cars and augmented reality.

AMC Entertainment (AMC), Cinemark Holdings (CNK), IMAX (IMAX) – Movie theater stocks are under pressure after customer traffic disappointed over the holiday weekend. Revenue at box offices in the U.S. fell to its lowest level in nearly two decades over Memorial Day, totaling $176 million, according to preliminary estimates from comScore. Baywatch fell short of expectations in its opening weekend, while Pirates of the Caribbean: Dead Men Tell No Tales, brought in just $78.2 million in the U.S.

For more on Tuesday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.

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